Ahead of the release of the latest GDP data the Pound came close to a four-month high against the US Dollar as investors wait for the release of data which is expected to show that the UK economy expanded in the second quarter. Against the Euro, Sterling advanced for the first time in three days. UK gross domestic product predicted to expand by 0.6% for the second quarter of 2013 and by 1.4% on a year-by-year basis.
GBP/EUR is trading in the region of 1.1621 and GBP/USD is trading in the region of 1.5361
The US Dollar was softer against most of its peers in early trading as investors wait for the release of a plethora of key data. The ‘Greenback’ is broadly higher as the currency continues to ride higher on the back of Wednesday’s upbeat US housing data. The latest Durable goods and jobless claims data is due for release this afternoon.
USD/GBP is trading in the region of 0.6510 and USD/EUR is trading in the region of 0.7565
The Euro began the session making gains against the majority of its peers as the single currency continues to receive strength from yesterday’s surprisingly positive PMI data. Today sees the release of more data releases which economists are expecting will show that business confidence in Germany rose for a third consecutive month in July.
EUR/GBP is trading in the region of 0.8604 and EUR/USD is trading in the region of 1.3218
The ‘Aussie’ tumbled to a four-and-a-half year low against the New Zealand Dollar after the smaller Oceanic nation’s Central Bank hinted at a need to remove stimulus causing a divergence of monetary policy between the two countries. As a result the ‘Aussie’ fell to its lowest level since 2008.
AUD/GBP is trading in the region of 0.5955, AUD/EUR is trading in the region of 0.6921 and AUD/USD is trading in the region of 0.9148
New Zealand Dollar
The ‘Kiwi’ rose above a four-year high against its Australian counterpart due to a diverging interest rate outlook for the Oceanic neighbours. Reserve Bank governor Graeme Wheeler kept the key rate on hold at 2.5%, lower than Australia’s 2.75%.
NZD/GBP is trading in the region of 0.5211, NZD/EUR is trading in the region of 0.6056 and NZD/USD is trading in the region of 0.8005
The ‘Loonie’ finished weaker against the US Dollar at yesterday’s close before recovering some ground today. The Canadian currency has continued to benefit from Tuesday’s surprisingly robust retail-sales report for May. It then softened due to a broad tide of US Dollar buying.
CAD/GBP is trading in the region of 0.6314, CAD/EUR is trading in the region of 0.7338 and CAD/USD is trading in the region of 0.9699
These exchange rates were correct as of 9:10 am