Pound drops against the majority of its peers

uk_money

Pound Sterling

Following the release of minutes from the Bank of England’s latest policy meeting and UK employment data the Pound dropped against the majority of its most traded peers. Sterling continued to decline this morning ahead of the publication of UK retail sales figures. The Pound could fall further before the end of the European session as UK retail sales were shown to have dropped in March by more than expected.

The Pound is presently trading against the Euro in the region of 1.1686 and is trading against the US Dollar in the region of 1.5252

US Dollar

The ‘Greenback’ gained on Euro and Pound after an EU official dented confidence in the Eurozone’s economic recovery and UK employment figures failed to live up to expectations. Although US jobless claims data, due for release at 13:30 GMT could cause US Dollar movement, investors will also be watching out for any statements issued by the G-20 during its two-day meeting in Washington.

The US Dollar is presently trading against the Pound in the region of 0.6555 and is trading against the Euro in the region of 0.7662

Euro

The Euro fell from a seven-week high against the safe-haven US Dollar after Jens Weidmann, a prominent ECB board member, made several cautionary remarks about the Eurozone’s economic recovery. The common currency slid against several of its rivals after Weidmann implied that Eurozone’s fiscal woes may take a further decade to resolve. As the Italian Parliament attempts to elect a President for the second time the Euro could fluctuate.

The Euro is presently trading against the Pound in the region of 0.8558 and is trading against the US Dollar in the region of 1.3051

Australian Dollar

After an index of Australian business confidence gave a positive reading for the first time in over a year the ‘Aussie’ recouped recent losses sustained against its main trading partners. A better-than-anticipated FDI figure for China lent the Australian Dollar additional support, allowing it to climb to 1.0377 US Dollars.

The Australian Dollar is presently trading against the Pound in the region of 0.6763, is trading against the Euro in the region of 0.7903 and is trading against the US Dollar in the region of 1.0322

New Zealand Dollar

With data showing a 3.8 per cent month-on-month gain in New Zealand’s consumer confidence the ‘Kiwi’ was able to post modest gains on its main currency rivals. An absence of additional economic news for the South Pacific nation means that global developments will be responsible for further fluctuations.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5547, is trading against the Euro in the region of 0.6432 and is trading against the US Dollar in the region of 0.8459

Canadian Dollar

The ‘Loonie’ fell against its US counterpart during local trade after Canada’s central bank lowered its growth forecast for the year to 1.5 per cent from 2 per cent. The Governor of the Bank of Canada also stated that the nation’s economy was likely to struggle for at least the next two years.

The Canadian Dollar is presently trading against the Pound in the region of 0.6398, is trading against the Euro in the region of 0.7476 and is trading against the US Dollar in the region of 0.9758

These exchange rates were correct as of 9:35 am

Richard Martin
This post was written by
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.