Euro Holds on to Gains Before ECB Meeting

Post Date November 7th, 2013
Author
Category Currency News
TorFX

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Pound Sterling

The Pound extended gains against the US Dollar yesterday and approached a five-week high against the Euro as UK industrial/manufacturing production increased and investors speculated on the outcome of today’s Bank of England policy meeting. If the BOE adopts a more hawkish tone in its statement the Pound could climb further before the weekend.

GBP/EUR is trading in the region of 1.1899 and GBP/USD is trading in the region of 1.6086

US Dollar

With economists expecting today’s US GDP data to show that growth in the world’s largest economy slowed in the third quarter the ‘Greenback’ retained declines against peers like the Euro and Pound. However, the US Dollar was able to post an impressive advance against a bearish ‘Aussie’ during Australasian trading.

USD/GBP is trading in the region of 0.6218 and USD/EUR is trading in the region of 0.7398

Euro

Ahead of the European Central Bank’s highly anticipated rate decision the Euro was clinging to recent gains and was slightly stronger against the majority of its most traded peers. If ECB President Mario Draghi refrains from hinting at the prospect of a future rate cut the Euro could climb further as the local session continues.

EUR/GBP is trading in the region of 0.8404 and EUR/USD is trading in the region of 1.3521

Australian Dollar

Disappointing Australian employment data weighed heavily on the ‘Aussie’ overnight and the commodity-driven currency lost ground against several of its major currency counterparts. The Australian unemployment rate held at a revised 5.7 per cent and full-time employment fell by 27,900 in October. But the ‘Aussie’ did derive some support from the AiG performance of construction index, which climbed from 47.6 to 54.4.

AUD/GBP is trading in the region of 0.5896, AUD/EUR is trading in the region of 0.7017 and AUD/USD is trading in the region of 0.9486

New Zealand Dollar

Declining Asian stocks and a lack of pertinent economic data for New Zealand pushed the ‘Kiwi’ lower against rivals like the ‘Buck’ as local trading closed. Before the weekend additional New Zealand Dollar movement is likely to be driven by US data, including today’s GDP report.

NZD/GBP is trading in the region of 0.5207, NZD/EUR is trading in the region of 0.6199 and NZD/USD is trading in the region of 0.8375

Canadian Dollar

A rally in commodities like crude oil boosted the ‘Loonie’ during North American trading and the currency edged away from an almost two-month low against the US Dollar. While investors will be looking ahead to tomorrow’s Canadian employment data, Canadian Dollar fluctuations can also be expected to occur in the aftermath of today’s US growth report.

CAD/GBP is trading in the region of 0.5969, CAD/EUR is trading in the region of 0.7103 and CAD/USD is trading in the region of 0.9602

These exchange rates were correct as of 9:20 am

Laura Barrett
This post was written by
Laura moved from the US to the UK several years ago. As a corporate sales executive for a leading foreign exchange company, Laura has expert knowledge of currency movements and market trends and is able to offer specialist guidance regarding making a trade at the most lucrative time and protecting transactions from currency risk.