Pound strengthens modestly against the Euro

Post Date June 26th, 2013
Author
Category Currency News
TorFX

indian_rupees

Pound Sterling

During yesterday’s European session the Pound strengthened modestly against the Euro and continued to trade above 1.54 US Dollars despite better-than-forecast US news. The British currency is likely to experience some volatility in the hours ahead as Chancellor of the Exchequer George Osborne presents his spending review to parliament. 11.5 billion Pounds of cuts will be detailed.

GBP/EUR is trading in the region of 1.1784 and GBP/USD is trading in the region of 1.5413

US Dollar

Yesterday the US Dollar was able to broadly strengthen as several key pieces of US data exceeded economists’ expectations. US consumer confidence, durable goods orders and new home sales figures all beat forecasts, brightening the economic picture in the US and increasing the odds of the Fed reining in quantitative easing before the end of the year. The ‘Greenback’ did lose ground against a rallying Yen however.

USD/GBP is trading in the region of 0.6489 and USD/EUR is trading in the region of 0.7648

Euro

The Euro was little changed against its main peers this morning despite French first quarter GDP coming in on estimate and German consumer confidence advancing from 6.5 to 6.8. While today’s US news could inspire additional Euro movement, investors will largely be looking ahead to tomorrow’s German unemployment figures.

EUR/GBP is trading in the region of 0.8486 and EUR/USD is trading in the region of 1.3075

Australian Dollar

The ‘Aussie’ was able to advance on the Yen after China’s central bank issued a market-calming statement regarding the stabilization of the nation’s money markets. However, the Australian Dollar continued to weaken against the US Dollar as investors flocked to the safe-haven asset in the wake of better-than-expected US economic data.

AUD/GBP is trading in the region of 0.6025, AUD/EUR is trading in the region of 0.7110 and AUD/USD is trading in the region of 0.9294

New Zealand Dollar

After New Zealand’s Finance Minister Bill English asserted that the ‘Kiwi’ remains slightly overvalued, the South Pacific currency slid against the US Dollar but was little changed against the Yen. The New Zealand Dollar is likely to experience additional movement during the local session following the publication of domestic trade balance and business confidence figures.

NZD/GBP is trading in the region of 0.5032, NZD/EUR is trading in the region of 0.5916 and NZD/USD is trading in the region of 0.7756

Canadian Dollar

Better-than-expected US news saw the Canadian Dollar tumble against several of its most traded peers. The surprisingly strong US consumer confidence figure saw the ‘Loonie’ shed earlier gains against the US Dollar and fall close to a two-year low. Today US news is once again likely to be the main cause of Canadian Dollar movement.

CAD/GBP is trading in the region of 0.6186, CAD/EUR is trading in the region of 0.7301 and CAD/USD is trading in the region of 0.9545

These exchange rates were correct as of 9:25 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.