Although the Pound was little changed against its main rivals as the local session began, the British currency is likely to experience fluctuations in response to today’s UK industrial production and GDP data. Positive results could bolster Sterling in the hours ahead.
GBP/EUR is trading in the region of 1.1624 and GBP/USD is trading in the region of 1.4969
Overnight the US Dollar softened slightly against most of its main currency rivals as economists speculate on the possible content of Federal Reserve Chairman Ben Bernanke’s announcement, taking place tomorrow. The ‘Greenback’ could fluctuate following the publication of the International Monetary Fund’s global economic forecast.
USD/GBP is trading in the region of 0.6680 and USD/EUR is trading in the region of 0.7765
Easing political tensions in Portugal and the news that EU finance ministers have approved the next instalment of the Greek bailout package helped the Euro gain slightly on the US Dollar and post a modest advance on the Yen. The IMF economic forecast is likely to be the main catalyst of Euro movement today.
EUR/GBP is trading in the region of 0.8607 and EUR/USD is trading in the region of 1.2882
Accelerating inflation in China and a gauge of Australian business conditions falling to its lowest since 2009 weakened the ‘Aussie’ during the local session. The Australian Dollar is currently trading close to a three-year low against the US Dollar, but with the odds of the Reserve Bank of Australia issuing a rate cut when it meets this month rising, the South Pacific currency could fall further over the next few days.
AUD/GBP is trading in the region of 0.6134, AUD/EUR is trading in the region of 0.7129 and AUD/USD is trading in the region of 0.9183
New Zealand Dollar
Although rising levels of inflation in China and disappointing Australian news dimmed New Zealand’s trade prospects, the ‘Kiwi’ gained support from better-than-expected retail card spending figures. The New Zealand Dollar also benefited from the news that a domestic gauge of business opinion surged to 32, its highest level for almost four years. As the European session began the New Zealand Dollar was holding steady against its US counterpart.
NZD/GBP is trading in the region of 0.5221, NZD/EUR is trading in the region of 0.6088 and NZD/USD is trading in the region of 0.7861
A concerning business optimism report for Canada saw the nation’s commodity-driven currency slide close to a two-year low against the US Dollar. Economists have forecast that today’s Canadian housing starts data will show a 4.5 per cent gain, if the result meets or exceeds expectations the ‘Loonie’ could recoup losses.
CAD/GBP is trading in the region of 0.6343, CAD/EUR is trading in the region of 0.7372 and CAD/USD is trading in the region of 0.9497
These exchange rates were correct as of 9:10 am