Ahead of the publication of a UK manufacturing production report the Pound was little changed against the US Dollar and Euro. Economists are expecting the data to show that manufacturing production contracted by 0.2 per cent in April, while separate figures will show stagnation in industrial production.
GBP/EUR is trading in the region of 1.1733 and GBP/USD is trading in the region of 1.5571
The US Dollar was little changed during local trade, despite top rating agency Standard and Poor upgrading the USA’s AA+ credit rating outlook to stable. S&P added that there was less than a 1 in 3 chance of the US receiving a downgrade in the near term. The ‘Greenback’ declined against the Yen however after the Asian currency rallied following the Bank of Japan’s policy meeting.
USD/GBP is trading in the region of 0.6427 and USD/EUR is trading in the region of 0.7540
The Euro enjoyed a bullish relationship with several of its main currency rivals yesterday after French President Francois Hollande asserted that the Eurozone crisis is over. The common currency could experience additional movement in the hours ahead as the German constitutional court’s review of the ECB’s bond-buying scheme gets underway.
EUR/GBP is trading in the region of 0.8523 and EUR/USD is trading in the region of 1.3262
The ‘Aussie’ fell within touching distance of a three year low against the US Dollar after Australian home-loan approvals were shown to have grown at the slowest pace for three months, adding to concerns for the nation’s economy. The Australian Dollar also declined against a broadly strengthening Yen following the Bank of Japan’s monetary policy review.
AUD/GBP is trading in the region of 0.6002, AUD/EUR is trading in the region of 0.7046 and AUD/USD is trading in the region of 0.9340
New Zealand Dollar
As the Bank of Japan opted to keep its fiscal policy unaltered the New Zealand Dollar declined against a rallying Yen. The South Pacific currency also plummeted by 0.9 per cent against its US counterpart ahead of the publication of New Zealand card spending data, due out at 23:45 GMT.
NZD/GBP is trading in the region of 0.5028, NZD/EUR is trading in the region of 0.5937 and NZD/USD is trading in the region of 0.7827
With Canadian new home construction increasing at the fastest pace for over a year last month the ‘Loonie’ was able to climb against several of its most traded peers. The commodity-driven Canadian Dollar also continues to benefit from last week’s better than anticipated domestic employment figures. A lack of home grown news is likely to limit ‘Loonie’ movement in the hours ahead.
CAD/GBP is trading in the region of 0.6288, CAD/EUR is trading in the region of 0.7377 and CAD/USD is trading in the region of 0.9785
These exchange rates were correct as of 9:10 am