After softening against several of its rivals yesterday in response to a surprise decline in UK house prices, the Pound was struggling to recover ground against the US Dollar and Euro before UK retail sales figures were published. As sales climbed by more than the 0.3 per cent expected Sterling could rally before the weekend.
GBP/EUR is trading in the region of 1.2003 and GBP/USD is trading in the region of 1.6317
Yesterday’s upbeat initial jobless claims figures and restrained inflation data helped the US Dollar advance on the majority of its peers before today’s domestic manufacturing report. Improvement in the manufacturing sector could help the ‘Greenback’ post five-day gains against several of its currency counterparts.
USD/GBP is trading in the region of 0.6129 and USD/EUR is trading in the region of 0.7355
Before the publication of Eurozone construction output figures the Euro was trading close to a six-week low against its US counterpart. According to Euro Exchange Rate News’ currency forecast, a rebound in production may boost the common currency.
EUR/GBP is trading in the region of 0.8332 and EUR/USD is trading in the region of 1.3600
After plummeting against the US Dollar, Euro and Pound in response to surprisingly poor Australian employment figures, the ‘Aussie’ was trading in a fairly narrow range overnight. Next week’s Chinese growth data and retail sales reports are likely to have a significant impact on the Australian Dollar, as will Australian Westpac Consumer Confidence data.
AUD/GBP is trading in the region of 0.5394, AUD/EUR is trading in the region of 0.6470 and AUD/USD is trading in the region of 0.8800
New Zealand Dollar
A lack of economic news from New Zealand once again limited ‘Kiwi’ movement overnight, although the currency continues to trade strongly against its Australian currency cousin. NZD/USD declines could occur if today’s US data supports the case for the Federal Reserve tapering stimulus.
NZD/GBP is trading in the region of 0.5082, NZD/EUR is trading in the region of 0.6096 and NZD/USD is trading in the region of 0.8275
While the ‘Loonie’ received some support from rising commodity prices, it continued to trade close to a four-year low against the US Dollar. The Canadian Dollar was able to hold gains against the Pound however, although today’s UK retail sales report may reverse the advance.
CAD/GBP is trading in the region of 0.5601, CAD/EUR is trading in the region of 0.6724 and CAD/USD is trading in the region of 0.9147
These exchange rates were correct as of 9:45 am