Pound holds steady against the common currency

money_pounds

Pound Sterling

After approaching a month-high against the Euro after a gauge of UK house prices advanced to its highest level for nearly seven years, the Pound was holding steady against the common currency as the local session got underway. Sterling was also little changed against the US Dollar prior to the release of UK inflation data.

GBP/EUR is trading in the region of 1.1635 and GBP/USD is trading in the region of 1.5459

US Dollar

The expectation that today’s US retail sales report will show that sales increased for a fourth month supported the ‘Greenback’ overnight and the US currency climbed to a week-high against the Yen. If retail sales gain by 0.3 per cent as forecast, following June’s 0.4 per cent rise, it will fuel speculation surrounding the likelihood of the Federal Reserve tapering stimulus in September.

USD/GBP is trading in the region of 0.6466 and USD/EUR is trading in the region of 0.7524

Euro

As German inflation data met economists’ predictions the Euro retained gains recorded against several of its peers as the European session began. The common currency is likely to extend its advance if the German ZEW economic sentiment survey shows the improvement forecast.

EUR/GBP is trading in the region of 0.8595 and EUR/USD is trading in the region of 1.3285

Australian Dollar

For a second day the ‘Aussie’ shed recent gains against the US Dollar as the expectation of a positive US retail sales report boosted the ‘Greenback’ at the expense of its commodity-driven and emerging market peers. The Australian Dollar was also adversely affected by anticipation surrounding tomorrow’s domestic business confidence report.

AUD/GBP is trading in the region of 0.5900, AUD/EUR is trading in the region of 0.6869 and AUD/USD is trading in the region of 0.9122

New Zealand Dollar

After posting its most significant five-day advance against the US Dollar since 2011 last week, the ‘Kiwi’ continued to slide during Australasian trading. New Zealand’s retail sales report, due out at 23:45 GMT, is likely to inspire additional movement in the South Pacific asset.

NZD/GBP is trading in the region of 0.5165, NZD/EUR is trading in the region of 0.6005 and NZD/USD is trading in the region of 0.7988

Canadian Dollar

A quiet news week domestically and the expectation of a strong US retail sales report wore on the Canadian Dollar during local trade. The ‘Loonie’ softened against several of its main peers and could extend declines if the US data exceeds estimates.

CAD/GBP is trading in the region of 0.6272, CAD/EUR is trading in the region of 0.7296 and CAD/USD is trading in the region of 0.9696

These exchange rates were correct as of 9:15 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.