The Pound is trading at a two-month low against the Euro

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Pound Sterling

The Pound is trading at a two-month low against the Euro and is softer against the US Dollar as investors awaited the publication of data which is likely to show that new mortgage approvals in the UK rose to a five-year high as house buyers benefit from a government help to buy scheme. The data is expected to show that up to 66,000 mortgages were approved last month, up from the 62,226 recorded in August. The data highlights that confidence has returned to lenders and buyers alike which is supporting the UK’s economic recovery.

GBP/EUR is trading in the region of 1.1687 and GBP/USD is trading in the region of 1.6088

US Dollar

While the ‘Greenback’ fell against the Yen after small business confidence improved in the Asian nation. Against most of its major rivals the Dollar was higher as traders keep a close eye on the start of the two-day long Federal Reserve policy meeting later today. The Fed was not expected to announce any change to the rate of its $85 billion-a-month asset purchase program after it concludes its two-day long meeting on Wednesday. The U.S. Central Bank was instead expected to delay plans to start tapering stimulus until well into next year.

USD/GBP is trading in the region of 0.6215 and USD/EUR is trading in the region of 0.7264

Euro

The Euro is trading at a two-month high against the Pound and is softer against the US Dollar. There are no major data releases due for the single currency so any movement will depend on external factors such as the afternoon’s US economic data. The currency found some support after France recorded a slight rise in consumer confidence.

EUR/GBP is trading in the region of 0.8555 and EUR/USD is trading in the region of 1.3765

Australian Dollar

The ‘Ausie’ fell against all of its most traded peers after Australian Reserve Bank Governor Glenn Stevens said that the currency isn’t supported by the costs and productivity in the national economy, adding that he expects the currency to fall. Stevens also played down the risks posed from a possible housing bubble.

AUD/GBP is trading in the region of 0.5913, AUD/EUR is trading in the region of 0.6911 and AUD/USD is trading in the region of 0.9514

New Zealand Dollar

The ‘Kiwi’ fell and is heading for a key support level ahead of the start of the Federal Reserve’s policy meeting later today. Expectations are high that the New Zealand Central Bank will choose to maintain interest rates at 2.5% on Thursday.

NZD/GBP is trading in the region of 0.5133, NZD/EUR is trading in the region of 0.6000 and NZD/USD is trading in the region of 0.8259

Canadian Dollar

The Canadian Dollar halted its declines against the US Dollar as speculation builds that the US Federal Reserve will choose to maintain its monetary easing programme which is likely to devalue the ‘Greenback’. The currency also found support after the value of crude oil, Canada’s biggest export rose.

CAD/GBP is trading in the region of 0.5952, CAD/EUR is trading in the region of 0.6956 and CAD/USD is trading in the region of 0.9575

These exchange rates were correct as of 9:25 am

Laura Barrett
This post was written by
Laura moved from the US to the UK several years ago. As a corporate sales executive for a leading foreign exchange company, Laura has expert knowledge of currency movements and market trends and is able to offer specialist guidance regarding making a trade at the most lucrative time and protecting transactions from currency risk.