Euro hits 39-month high against the Yen

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Pound Sterling

As a second top ratings agency cut the UK’s credit rating from AAA the Pound fell against the majority of its currency rivals. Although Fitch restored the UK’s stable outlook, its decision to drop the nation’s rating to AA+ saw Sterling slump to a four-week low against the Euro.

The Pound is presently trading against the Euro in the region of 1.1674 and is trading against the US Dollar in the region of 1.5224

US Dollar

Although a weakening Yen allowed the US Dollar to gain on Friday, the ‘Greenback’ has since pared advances against its higher-risk counterparts as rallying gold prices increased their appeal. Today’s US existing home sales data could cause fluctuations in the American currency.

The US Dollar is presently trading against the Pound in the region of 0.6568 and is trading against the Euro in the region of 0.7668

Euro

The political uncertainty in Italy came a step closer to resolution over the weekend as President Giorgio Napolitano was re-elected. The news supported the Euro, helping it to achieve close to a 39-month high against a broadly softening Yen. The common currency was trading in the region of 1.3084 US Dollars before the close of the Asian session.

The Euro is presently trading against the Pound in the region of 0.8565 and is trading against the US Dollar in the region of 1.3041

Australian Dollar

The ‘Aussie’ gained during local trade as rallying gold prices boosted risk-appetite, benefiting commodity-driven currencies. The Australian Dollar edged up to $1.0304 before European markets opened. Further ‘Aussie’ movement is likely to follow tomorrow’s Chinese Flash Manufacturing PMI and Australian Conference Board Leading Index.

The Australian Dollar is presently trading against the Pound in the region of 0.6742, is trading against the Euro in the region of 0.7869 and is trading against the US Dollar in the region of 1.0278

New Zealand Dollar

Rebounding gold prices and a positive net immigration report allowed the ‘Kiwi’ to gain on its US rival during local trade. Although tomorrow’s Chinese Flash Manufacturing PMI is likely to trigger market volatility, investors will also be looking ahead to the Reserve Bank of New Zealand’s rate decision.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5540, is trading against the Euro in the region of 0.6448 and is trading against the US Dollar in the region of 0.8417

Canadian Dollar

The ‘Loonie’ dipped against the US Dollar last week after the Bank of Canada negatively revised its growth forecast. However, before the weekend the commodity-driven currency pared declines following the release of Canadian inflation data. Rebounding gold prices also supported the Canadian Dollar. Tomorrow’s Canadian retail sales figures are likely to cause ‘Loonie’ movement.

The Canadian Dollar is presently trading against the Pound in the region of 0.6403, is trading against the Euro in the region of 0.7462 and is trading against the US Dollar in the region of 0.9746

These exchange rates were correct as of 9:35 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.