While yesterday’s less-than-impressive UK retail sales figures caused the Pound to soften, the currency remains trading close to an eight-month high against the US Dollar. Economists have forecast that data will show that the UK deficit narrowed last month, and if this proves accurate Sterling could extend its five-day gain against the ‘Greenback’ before the weekend.
GBP/EUR is trading in the region of 1.1869 and GBP/USD is trading in the region of 1.6063
As the weekend approaches the ‘Greenback’s bearish relationship with several of its most traded peers looks set to continue. The safe-haven asset sunk to multi-month lows against the majority of its peers after the Federal Reserve refrained from tapering stimulus, and with no major US news on the cards for today further movement may be limited.
USD/GBP is trading in the region of 0.6225 and USD/EUR is trading in the region of 0.7389
The expectation that today’s consumer confidence index will reveal that sentiment in the currency bloc is at an over two-year high allowed the Euro to retain recent gains against the Pound and consolidate its advance against the US Dollar. As it stands the common currency is close to a seven-month high against the ‘Greenback’.
EUR/GBP is trading in the region of 0.8424 and EUR/USD is trading in the region of 1.3532
Although the ‘Aussie’ is still headed for a weekly advance of 2.2 per cent against the US Dollar, the South Pacific asset extended declines against its New Zealand rival as the odds of the Reserve Bank of Australia issuing an additional rate cut before the end of the year increased.
AUD/GBP is trading in the region of 0.5884, AUD/EUR is trading in the region of 0.6984 and AUD/USD is trading in the region of 0.9449
New Zealand Dollar
After surging against its peers on the back of positive domestic growth data and unexpected developments in the US, the New Zealand Dollar extended gains as credit card spending in the nation increased by 6.6 per cent.
NZD/GBP is trading in the region of 0.5224, NZD/EUR is trading in the region of 0.6187 and NZD/USD is trading in the region of 0.8388
Although the ‘Loonie’ edged away from a three-month high against the US Dollar on bets that the commodity-driven asset’s advance was excessive, with domestic inflation figures due out at 13:30 GMT further Canadian Dollar movement is likely.
CAD/GBP is trading in the region of 0.6064, CAD/EUR is trading in the region of 0.7199 and CAD/USD is trading in the region of 0.9743
These exchange rates were correct as of 09:25 am