Overnight the Pound consolidated gains against the Euro as investors focused on today’s UK retail sales report. Yesterday’s surprising domestic employment report kept Sterling buoyed, although the currency did soften against a bullish US Dollar. With UK retail sales increasing by slightly more than expected additional Pound gains could occur.
GBP/EUR is trading in the region of 1.1971 and GBP/USD is trading in the region of 1.6372
As the majority of economists were expecting the Federal Reserve to leave the level of asset purchases unchanged this month, the central bank’s shock decision to trim stimulus by 10 billion Dollars sent the currency market into overdrive. The ‘Greenback’ closed North American trading in a stronger position against almost all of its currency counterparts.
USD/GBP is trading in the region of 0.6106 and USD/EUR is trading in the region of 0.7312
In a comparatively quiet news day for the Eurozone Euro fluctuations may be limited. That being said, although the common currency began local trading softer against the Pound and US Dollar it recovered losses as data showed that the Eurozone’s current account surplus widened to a six-month high in October.
EUR/GBP is trading in the region of 0.8353 and EUR/USD is trading in the region of 1.3677
During Australasian trading the FOMC’s shock manoeuvre lowered the appeal of commodity-driven currencies and the ‘Aussie’ tumbled against its North American rival. As it stands the Australian Dollar is poised to post five-day declines against several of its most traded peers.
AUD/GBP is trading in the region of 0.5411, AUD/EUR is trading in the region of 0.6471 and AUD/USD is trading in the region of 0.8851
New Zealand Dollar
Although the ‘Kiwi’ fell against the US Dollar in the aftermath of the FOMC announcement, a report showing that New Zealand’s economy expanded by significantly more than expected in the third quarter helped the currency recover some losses before the close of local trading.
NZD/GBP is trading in the region of 0.5998, NZD/EUR is trading in the region of 0.5989 and NZD/USD is trading in the region of 0.8188
The ‘Loonie’ recorded its largest decline against the ‘Buck’ in eight-weeks as the Fed began to rein in its stimulus measures. With Canadian inflation figures due out tomorrow additional Canadian Dollar movement is likely to occur before the weekend.
CAD/GBP is trading in the region of 0.5704, CAD/EUR is trading in the region of 0.6829 and CAD/USD is trading in the region of 0.9340
These exchange rates were correct as of 9:35 am