After advancing on the US Dollar yesterday the Pound was holding steady ahead of the release of UK mortgage approvals data. Economists expect the report to show that approvals climbed in August, and if that estimation proves accurate Sterling could extend gains prior to the publication of US consumer confidence figures.
GBP/EUR is trading in the region of 1.1868 and GBP/USD is trading in the region of 1.6029
During the North American session several prominent Federal Reserve Bank Presidents spoke out on the subject of the central bank tapering quantitative easing. With both William C. Dudley of the New York bank and Dennis Lockhart of the bank of Atlanta supporting the Fed’s decision to refrain from tapering for the time being, the ‘Greenback’ softened against several of its most traded peers. The most influential piece of US news on the cards for the day is the nation’s consumer confidence index, due out at 15:00 GMT.
USD/GBP is trading in the region of 0.6239 and USD/EUR is trading in the region of 0.7404
Yesterday the Euro pared its German-election inspired advance as manufacturing data for the Eurozone and Germany failed to meet expectations and ECB President Mario Daghi hinted at the prospect of additional easing. With German confidence figures also failing to meet expectations the common currency could fluctuate in the hours ahead.
EUR/GBP is trading in the region of 0.8431 and EUR/USD is trading in the region of 1.3509
Although the Australian Dollar advanced yesterday in response to positive Chinese data, the South Pacific asset softened against peers like the Euro as higher-risk assets lost their appeal in response to declining global stocks. With domestic data thin on the ground for the next few days, US news is likely to be the main catalyst for ‘Aussie’ movement.
AUD/GBP is trading in the region of 0.5875, AUD/EUR is trading in the region of 0.6971 and AUD/USD is trading in the region of 0.9416
New Zealand Dollar
Ahead of the release of New Zealand’s trade balance figures the ‘Kiwi’ edged further away from the four-month high achieved against the US Dollar last week. The New Zealand Dollar also lost ground against its Australian counterpart after hitting a five-year high against the commodity-driven asset.
NZD/GBP is trading in the region of 0.5195, NZD/EUR is trading in the region of 0.6164 and NZD/USD is trading in the region of 0.8314
With today’s Canadian retail sales report expected to show improvement, the ‘Loonie’ strengthened against the US Dollar during local trading. If sales increase by the 0.6 per cent expected further Canadian Dollar gains are likely.
CAD/GBP is trading in the region of 0.6071, CAD/EUR is trading in the region of 0.7203 and CAD/USD is trading in the region of 0.9730
These exchange rates were correct as of 09:25 am