New Zealand Dollar falls against currency rivals

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Pound Sterling

Although the Pound was able to gain yesterday after the Bank of England refrained from making any policy changes, it later fell to a 2 ½ year low against its American counterpart as the US Dollar broadly strengthened. It was little changed against the Euro. This morning’s BoE inflation report could cause volatility in the Pound, but economic news from the US and Eurozone will also be of interest.

The Pound is presently trading against the Euro in the region of 1.1456 and is trading against the US Dollar in the region of 1.4992

US Dollar

After yesterday’s better-than-expected US jobless claims data, the odds of the Federal Reserve slowing stimulus increased and the US Dollar was able to soar to a 3 ½ year high against the Japanese Yen. Today’s US unemployment rate and non-farm payrolls data could trigger additional ‘Greenback’ movement. If these figures are also better than forecast the US Dollar may continue to climb on the Yen.

The US Dollar is presently trading against the Pound in the region of 0.6670 and is trading against the Euro in the region of 0.7637

Euro

Yesterday the ECB held rates and announced that it would refrain from taking drastic action to aid struggling Eurozone nations like Italy. However, after ECB President Mario Draghi asserted that he expected modest economic recovery in the 17-nation currency bloc this year the Euro rebounded from a three-month low against the US Dollar, achieving a monthly high. The common currency may experience movement this morning following German industrial production data and the ECB’s announcement regarding 3-Year LTRO payments.

The Euro is presently trading against the Pound in the region of 0.8731 and is trading against the US Dollar in the region of 1.3096

Australian Dollar

The ‘Aussie’ lost ground against the US Dollar during local trade after an unexpectedly large decline in Chinese imports lowered the outlook for Australia’s trade prospects. Although the Australian Dollar also posted declines against the majority of its most traded peers after the report was published it did record a modest gain against the Japanese Yen.

The Australian Dollar is presently trading against the Pound in the region of 0.6842, is trading against the Euro in the region of 0.7830 and is trading against the US Dollar in the region of 1.0262

New Zealand Dollar

Disappointing import data from China, one of New Zealand’s largest trading partners, led to the New Zealand Dollar falling against the majority of its biggest currency rivals. Additional ‘Kiwi’ fluctuations could occur tomorrow in response to a Chinese industrial production report. Employment data from the US will also be of interest.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5507, is trading against the Euro in the region of 0.6333 and is trading against the US Dollar in the region of 0.8273

Canadian Dollar

Following days of declines the ‘Loonie’ was finally able to gain on its American rival yesterday after the Canadian merchandise trade deficit shrank to the smallest for almost a year. The Canadian Dollar eased away from an eight-month low against the ‘Greenback’ but fell back slightly after better-than-expected US data triggered widespread US Dollar gains. ‘Loonie’ fluctuations can be expected to occur today following the release of Canadian unemployment and housing starts data.

The Canadian Dollar is presently trading against the Pound in the region of 0.6472, is trading against the Euro in the region of 0.7414 and is trading against the US Dollar in the region of 0.9704

These exchange rates were correct as of 9:08 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.