EUR/USD Edges Away From Two-Year High


Pound Sterling

Ahead of the release of the UK growth report the Pound rallied against the US Dollar. The British currency is currently heading for a modest five-day gain of 0.3 per cent against the ‘Greenback’ but if today’s GDP figures meet or exceed the 0.8 per cent estimated Sterling is likely to extend gains.

GBP/EUR is trading in the region of 1.1735 and GBP/USD is trading in the region of 1.6215

US Dollar

With German confidence data forecast to show improvement and the US University of Michigan index expected to dip, the US Dollar was struggling against the Euro during the European session. The ‘Buck’ was also in line to record a weekly decline against several of its other most traded peers following a testing five days for the safe-haven asset. However, the US currency was able to recover some ground against the Euro as the German confidence reports disappointed.

USD/GBP is trading in the region of 0.6166 and USD/EUR is trading in the region of 0.7236


The Euro was able to achieve a fresh two-year high against a broadly softening US Dollar last night and hold its own against the Pound prior to today’s UK GDP data. However, after German confidence gauges failed to meet expectations the common currency fluctuated against its rivals.

EUR/GBP is trading in the region of 0.8521 and EUR/USD is trading in the region of 1.3818

Australian Dollar

While the ‘Aussie’ was boosted by stronger-than-forecast Chinese manufacturing data yesterday, the South Pacific currency softened during the local session as investors took advantage of the gains made over the past five days to book profits before markets close for the weekend. US durable goods orders and confidence figures could trigger additional AUD/USD movement in North American trading.

AUD/GBP is trading in the region of 0.5919, AUD/EUR is trading in the region of 0.6942 and AUD/USD is trading in the region of 0.9592

New Zealand Dollar

Although the Reserve Bank of New Zealand has adopted a comparatively hawkish stance in recent policy statements, during Australasian trading the central bank expressed a reluctance to increase interest rates in the near future. Consequently the ‘Kiwi’ softened against the majority of its currency rivals, increasing its 5-day decline against the US Dollar to 2.1 per cent.

NZD/GBP is trading in the region of 0.5130, NZD/EUR is trading in the region of 0.6060 and NZD/USD is trading in the region of 0.8312

Canadian Dollar

The ‘Loonie’ continued to feel the pressure during the North American session as investors digested the Bank of Canada’s surprising decision to refrain from mentioning rate increases in its latest policy statement. Before the weekend further Canadian Dollar movement is like to result from US news.

CAD/GBP is trading in the region of 0.5909, CAD/EUR is trading in the region of 0.6934 and CAD/USD is trading in the region of 0.9581

These exchange rates were correct as of 9:20 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.