Sterling was close to a nine-month high against the Euro this morning as yesterday’s shocking European Central Bank rate cut piled pressure on the common currency. The Pound was also heading for a five-day gain against its US counterpart ahead of the release of UK trade balance data. The report is expected to show that the UK trade deficit narrowed in September.
GBP/EUR is trading in the region of 1.1993 and GBP/USD is trading in the region of 1.6087
Yesterday’s surprisingly positive US growth data upped the odds of the Federal Reserve tapering stimulus and boosted the ‘Greenback’ against its peers. The American asset was trading strongly against the Euro ahead of today’s US non-farm payrolls data, but did lose ground against its rebounding Australian and New Zealand rivals following the publication of encouraging Chinese trade balance figures.
USD/GBP is trading in the region of 0.6217 and USD/EUR is trading in the region of 0.7457
After the ECB issued an unexpected rate cut the Euro plummeted against the majority of its most traded rivals. The common currency remained under pressure as ratings agency Standard & Poor’s downgraded France, although positive German trade balance data helped limit additional losses.
EUR/GBP is trading in the region of 0.8340 and EUR/USD is trading in the region of 1.3414
The ‘Aussie’ enjoyed a rebound during local trading and surged against its US counterpart as strong Chinese import data boosted Australia’s trade outlook, offsetting the negative impact of the Reserve Bank of Australia’s revision to growth forecasts.
AUD/GBP is trading in the region of 0.5883, AUD/EUR is trading in the region of 0.7060 and AUD/USD is trading in the region of 0.9460
New Zealand Dollar
With encouraging Chinese trade data boosting New Zealand’s economic prospects, the ‘Kiwi’ was able to post modest gains against several of its main rivals overnight. While the New Zealand Dollar slipped against the ‘Greenback’ during North American trading (in response to strong US growth data) the South Pacific asset was able to recover losses overnight.
NZD/GBP is trading in the region of 0.5183, NZD/EUR is trading in the region of 0.6224 and NZD/USD is trading in the region of 0.8327
Ahead of the release of today’s influential employment figures for Canada and the US, the ‘Loonie’ was softer against the US Dollar but holding its ground against Sterling. If the jobs data pleasantly surprises the Canadian Dollar could end the week in a stronger position then it began.
CAD/GBP is trading in the region of 0.5943, CAD/EUR is trading in the region of 0.7127 and CAD/USD is trading in the region of 0.9557
These exchange rates were correct as of 9:50 am