Pound was little altered

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Pound Sterling

The Pound was little altered this morning following a mixed bag of UK economic news. Improvements were seen in the housing market, with forecasts of a 0.8 per cent increase in property prices nationwide over the course of this year and London property prices experiencing a significant increase in January. However, figures compiled by the British Retail Consortium showed a 1.2 per cent decline in people shopping in stores in December while a CBI survey estimated that there would be thousands of job losses in the financial sector in the months ahead. The next pieces of influential economic data for the UK are tomorrow’s public finance and public sector net borrowing figures.

The Pound is presently trading against the Euro in the region of 1.1924 and is trading against the US Dollar in the region of 1.5887

US Dollar

With the American bank holiday preventing the release of any economic news for the US movement in the nation’s currency today will occur in response to developments elsewhere.  The gathering of Eurozone finance ministers in Brussels is the event most likely to initiate volatility in the marketplace today.

The US Dollar is presently trading against the Pound in the region of 0.6295 and is trading against the Euro in the region of 0.7515

Euro

On Friday the Euro’s bullish relationship with its peers ended as risk aversion dominated the marketplace following negative indicators for the global economy. The common currency posted declines against several of its most traded peers, including the US Dollar. In the hours ahead investor’s will be looking out for any news coming out of the meeting of Eurozone finance ministers in Brussels today.

The Euro is presently trading against the Pound in the region of 0.8386 and is trading against the US Dollar in the region of 1.3326

Australian Dollar

The Australian Dollar continued to fall from its four-year high against the Japanese Yen, losing 0.6 per cent, as concerns regarding the likelihood of the Japanese central bank instigating more stimulus, and the odds of further Australian rate cuts, increase. The next piece of influential economic news to come out of the South Pacific nation is Wednesday’s 4Q CPI figures.

The Australian Dollar is presently trading against the Pound in the region of 0.6620, is trading against the Euro in the region of 0.7899 and is trading against the US Dollar in the region of 1.0520

New Zealand Dollar

The ‘Kiwi’ slid to a two-week low against the Japanese Yen following continuing uncertainty regarding the instigation of additional stimulus methods in Japan, the world’s third largest economy. December’s performance of manufacturing index and credit card spending statistics for New Zealand could cause fluctuations in the nation’s currency over the course of the week.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5264, is trading against the Euro in the region of 0.6278 and is trading against the US Dollar in the region of 0.8362

Canadian Dollar

Although Canadian manufacturing sales increased by a 1.7 per cent, more than predicted by economists, the ‘Loonie’ dropped over the course of trade on Friday. The Canadian Dollar shed 0.43 of a cent against its American rival following figures which showed that in 2012 the Chinese economy expanded by the least for close to two decades. On Wednesday the Canadian central bank will announce its rate decision and significant ‘Loonie’ movement can be expected to follow.

The Canadian Dollar is presently trading against the Pound in the region of 0.6343, is trading against the Euro in the region of 0.7567 and is trading against the US Dollar in the region of 1.0080

 

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.