Exchange Rate Outlook: Lack of data means quiet day expected in the markets

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Pound Sterling

The Pound remains close to a two year high against the US Dollar but slipped against the Euro as yesterdays positive GDP and industrial data from Italy supported the single currency. Today is a quiet one in terms of data releases so the Pound should stay relatively stable.

GBP/EUR is trading in the region of 1.1924 and GBP/USD is trading in the region of 1.6416

US Dollar

The US Dollar halted its decline to push firmer against its peers due to investors increasing their bets that the Federal Reserve will announce a tapering of its monetary easing programme at next week’s policy meeting.

USD/GBP is trading in the region of 0.6091 and USD/EUR is trading in the region of 0.7263

Euro

The single currency found support as German inflation data matched forecasts and as European Union finance ministers came closer to making an agreement on a European banking union, a measure that is seen as vital to stave off a repeat of the Euro crisis.

EUR/GBP is trading in the region of 0.8386 and EUR/USD is trading in the region of 1.3767

Australian Dollar

The ‘Aussie’ halted its gains and resumed its downward movement against the Pound due to growing expectations that tomorrow’s unemployment data will show that the number of Australians out of work will rise to match a 2009 high.

AUD/GBP is trading in the region of 0.5553, AUD/EUR is trading in the region of 0.6622 and AUD/USD is trading in the region of 0.9117

New Zealand Dollar

The ‘Kiwi’ weakened against the Pound and other peers as investors look ahead to today’s Reserve Bank of New Zealand policy meeting where interest rates are expected to be maintained.

NZD/GBP is trading in the region of 0.5041 , NZD/EUR is trading in the region of 0.6012 and NZD/USD is trading in the region of 0.8276

Canadian Dollar

The Canadian Dollar managed to advance for a fourth day after the price of crude oil, Canada’s biggest export leapt to a six-week high.

CAD/GBP is trading in the region of 0.5743 , CAD/EUR is trading in the region of 0.6848 and CAD/USD is trading in the region of 0.9428

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.