‘Aussie’ declines against rivals

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Pound Sterling

Sterling experienced minimal fluctuations following the publication of UK employment confidence figures, although the index rose to minus 41 last month from minus 45 in March. The British Retail Consortium also released a report detailing a 0.4 per cent rise in a gauge of shop prices. However, movement in the Pound is limited ahead of the Bank of England’s two-day policy meeting, which ends on Thursday.

GBP/EUR is trading in the region of 1.1872 and GBP/USD is trading in the region of 1.5528

US Dollar

The ‘Greenback’s recent run of gains against the Yen came to an end during local trade as the Asian currency broadly strengthened. However, the US Dollar was able to advance on the Euro after ECB President Mario Draghi hinted at the possibility of an additional rate cut. The US Dollar also adopted a bullish relationship with its Australian peer after the RBA lowered the benchmark rate.

USD/GBP is trading in the region of 0.6439 and USD/EUR is trading in the region of 0.7645

Euro

The Euro continues to trade lower against several of its biggest currency rivals as a result of remarks made by European Central Bank President Mario Draghi. Draghi hinted that further weakness in the Eurozone’s economic recovery could result in an additional rate cut. The common currency could experience extra movement following the release of German factory order figures.

EUR/GBP is trading in the region of 0.8422 and EUR/USD is trading in the region of 1.3079

Australian Dollar

The Reserve Bank of Australia’s decision to cut its benchmark rate to a record low of 2.75 per cent triggered widespread ‘Aussie’ declines. The ‘Down Under Dollar’ fell against the majority of its rivals, notably dropping against its US and New Zealand counterparts. News that Australian unemployment had reached 5.6 per cent also weighed on the currency.

AUD/GBP is trading in the region of 0.6571, AUD/EUR is trading in the region of 0.7795 and AUD/USD is trading in the region of 1.0200

New Zealand Dollar

The ‘Kiwi’ fell in line with its Australian counterpart following the RBA’s rate decision. The New Zealand Dollar lost ground against the US Dollar and British Pound but modestly strengthened against a bearish ‘Aussie’. New Zealand’s latest unemployment figures will be released tomorrow and could inspire additional ‘Kiwi’ fluctuations.

NZD/GBP is trading in the region of 0.5471, NZD/EUR is trading in the region of 0.6504 and NZD/USD is trading in the region of 0.8499

Canadian Dollar

Last week the Canadian Dollar benefited from better-than-expected data for the US, Canada’s main trading partner. Yesterday the ‘Loonie’ recorded additional gains after a bigger-than-forecast increase in Canadian building permits. The next piece of influential domestic data, Canadian housing starts, is due out tomorrow.

CAD/GBP is trading in the region of 0.6393, EUR/CAD is trading in the region of 0.7590 and CAD/USD is trading in the region of 0.9929

These exchange rates were correct as of 9:30 am

Richard Martin
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After working in business development for a major UK currency brokers for several years, Richard left Britain to help set up the company’s Australian office and now lives and works in Queensland; making the most of his new Down-Under lifestyle.