Exchange Rate Outlook: US Jobless Claims Data is the day’s main focus

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Pound Sterling

The Pound halted its longest decline in two weeks against the US Dollar and recovered ground against the Euro as investors wait for Chancellor of the Exchequer George Osborne to stand before a parliamentary committee and explain his autumn statement. Today is quiet in terms of UK data releases so the currency will be at the mercy of events in the Eurozone and USA.

GBP/EUR is trading in the region of 1.1901 and GBP/USD is trading in the region of 1.6405

US Dollar

The US Dollar found support yesterday as news broke that U.S. Congressional leaders had reached an agreement on a two year budget deal. Today also sees the release of jobless claims and retail sales data which are likely to create some volatility for the currency.

USD/GBP is trading in the region of 0.6095 and USD/EUR is trading in the region of 0.7254

Euro

The Euro made its longest rally since 2011 against the US Dollar as economists wait for European Central Bank President Mario Draghi to deliver a speech to the European Union Parliament. The Euro could see some movement later in the session if Eurozone industrial production data comes in below forecasts.

EUR/GBP is trading in the region of 0.8402 and EUR/USD is trading in the region of 1.3784

Australian Dollar

The ‘Aussie’ resumed its downward trajectory against the Pound and slipped for a second day against the US Dollar after unemployment data showed that the number of Australians out of work climbed to match the highest level recorded since 2009.

AUD/GBP is trading in the region of 0.5511, AUD/EUR is trading in the region of 0.6559 and AUD/USD is trading in the region of 0.9041

New Zealand Dollar

The ‘Kiwi’ rallied against the US Dollar and Pound due to the Reserve Bank of New Zealand choosing to maintain interest rates at 2.5% but hinted at future rises for next year as the nation’s economy continues to strengthen.

NZD/GBP is trading in the region of 0.5050, NZD/EUR is trading in the region of 0.6011 and NZD/USD is trading in the region of 0.8286

Canadian Dollar

The Canadian Dollar has made a seventh day of gains against the US Dollar as crude oil, Canada’s biggest export, continues to strengthen in price.

CAD/GBP is trading in the region of 0.5761, CAD/EUR is trading in the region of 0.6857 and CAD/USD is trading in the region of 0.9452

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.