Disappointing German Data Triggers Euro Losses

Post Date October 31st, 2013
Author
Category Currency News
TorFX

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Pound Sterling

Although a report showing a decline in UK consumer confidence and developments in the US saw the Pound decline against the ‘Greenback’, the British currency strengthened against the Euro as UK house prices climbed and German retail sales fell.

GBP/EUR is trading in the region of 1.1696 and GBP/USD is trading in the region of 1.6036

US Dollar

The ‘Greenback’ rallied against the majority of its most traded currency counterparts overnight as the Federal Reserve delivered a policy statement which was less dovish than expected. The US Dollar also advanced on peers like the Euro and Yen as economists forecast a decline in US initial jobless claims.

USD/GBP is trading in the region of 0.6234 and USD/EUR is trading in the region of 0.7301

Euro

A drop in German consumer confidence and retail sales weighed heavily on the Euro as European trading progressed. The common currency softened against the Pound and US Dollar ahead of the release of Eurozone employment and inflation data.

EUR/GBP is trading in the region of 0.8548 and EUR/USD is trading in the region of 1.3709

Australian Dollar

While the ‘Aussie’ initially slipped against its US counterpart following the FOMC policy statement, strong Australian housing data lent the South Pacific asset support and it rallied to 94.92 US cents. Australia’s AiG performance of manufacturing index, due for publication at 22:30 GMT, could inspire additional ‘Aussie’ movement before the weekend.

AUD/GBP is trading in the region of 0.5923, AUD/EUR is trading in the region of 0.6930 and AUD/USD is trading in the region of 0.9500

New Zealand Dollar

Although the Reserve Bank of New Zealand mentioned the ‘Kiwi’s strength during its policy statement, the fact that the central bank refrained from expressing concern over its recent gains saw the New Zealand Dollar climb. During Australasian trading the ‘Kiwi’ advanced on the US Dollar, reaching 82.68 US cents.

NZD/GBP is trading in the region of 0.5146, NZD/EUR is trading in the region of 0.6017 and NZD/USD is trading in the region of 0.8250

Canadian Dollar

The Federal Reserve’s decision to maintain asset purchases whilst hinting at tapering in the future pushed the ‘Loonie’ to a seven-week low against its US counterpart. The commodity-driven asset is expected to experience notable movement following the publication of Canadian growth data.

CAD/GBP is trading in the region of 0.5964, CAD/EUR is trading in the region of 0.6977 and CAD/USD is trading in the region of 0.9566

These exchange rates were correct as of 9:20 am

Richard Martin
This post was written by
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.