With UK industrial/manufacturing production reports forecast to show that output increased in November, the Pound was heading for a five day gain against peers including the US Dollar. Sterling was also within touching distance of a one-year high against the Euro. Today’s NIESR UK GDP estimate for December will also be of interest.
GBP/EUR is trading in the region of 1.2098 and GBP/USD is trading in the region of 1.6461
If today’s US non-farm payrolls report shows the employment gain expected by economists, the odds of the Fed tapering stimulus in January will rise and the ‘Greenback’ could enter the weekend in a stronger position against its main counterparts.
USD/GBP is trading in the region of 0.6071 and USD/EUR is trading in the region of 0.7348
After fluctuating yesterday in the aftermath of ECB President Mario Draghi’s press conference, at which he reinforced the central bank’s readiness to take any action necessary, the Euro ends the week softer against the Pound and little changed against the US Dollar.
EUR/GBP is trading in the region of 0.8265 and EUR/USD is trading in the region of 1.3609
Overnight the ‘Aussie’ retained recent losses as China published disappointing trade balance data. While Australian Dollar declines were limited by an impressive domestic New Home Sales report, the South Pacific currency is still preparing to post a 0.5 per cent five-day decline against its US counterpart.
AUD/GBP is trading in the region of 0.5405, AUD/EUR is trading in the region of 0.6540 and AUD/USD is trading in the region of 0.8901
New Zealand Dollar
In another quiet news week for New Zealand ‘Kiwi’ movement has largely been driven by global economic developments. While the commodity-driven currency is currently approaching the weekend softer against the US Dollar, a surprising US non-farm payrolls figure could change the situation.
NZD/GBP is trading in the region of 0.5001, NZD/EUR is trading in the region of 0.6052 and NZD/USD is trading in the region of 0.8241
The ‘Loonie’ was left close to a four-year low against the US Dollar at the end of North American trading as domestic data fell short of estimates, futures of crude oil fell and investors speculated on the possibility of a Canadian rate cut. Today’s Canadian employment figures are likely to inspire considerable currency movement.
CAD/GBP is trading in the region of 0.5603, CAD/EUR is trading in the region of 0.6779 and CAD/USD is trading in the region of 0.9223
These exchange rates were correct as of 9:25 am