Pound within sight of 15-month low against Euro

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Pound Sterling

Considerable Sterling fluctuations can be expected in the hours ahead following a news-heavy morning for the UK. As well as industrial production and manufacturing production figures investors will be focusing on developments within the Bank of England. Mark Carney is due to take on the role of Governor of the BoE in July and today he must testify to UK lawmakers. Anticipation of the event resulted in the Pound hovering within sight of a 15-month low against the Euro and experiencing little movement against the safe-haven ‘Greenback’

The Pound is presently trading against the Euro in the region of 1.1552 and is trading against the US Dollar in the region of 1.5666

US Dollar

The US Dollar was able to gain on its higher-yielding rivals yesterday as investors turned to safe-haven assets prior to this afternoon’s European Central Bank rate decision. Whilst this news will cause ‘Greenback’ volatility US unemployment claims data is also of interest.

The US Dollar is presently trading against the Pound in the region of 0.6381 and is trading against the Euro in the region of 0.7367

Euro

Despite the fact that the European Central Bank is widely expected to hold rates at their present level of 0.75 per cent today the anticipation surrounding the possible tone of any accompanying statements caused the Euro to fall close to a one-week low against the US Dollar. The common currency declined by 0.5 per cent against the ‘Greenback’ and any negative hints made by the ECB regarding economic recovery could see the Euro drop lower.

The Euro is presently trading against the Pound in the region of 0.8653 and is trading against the US Dollar in the region of 1.3563

Australian Dollar

Although on the surface Australian unemployment data was better-than-forecast the fact that full-time employment declined upped the odds of the Reserve Bank of Australia instigating additional easing, a circumstance which caused the ‘Aussie’ to fall near to a 12-week low against the ‘Greenback’.

The Australian Dollar is presently trading against the Pound in the region of 0.6580, is trading against the Euro in the region of 0.7610 and is trading against the US Dollar in the region of 1.0323

New Zealand Dollar

The ‘Kiwi’ experienced notable declines yesterday following worse-than-forecast employment figures for the South Pacific nation. Although economists expected New Zealand’s unemployment data to show slight improvement it recorded a slump of 1 per cent. The participation rate also fell to an eight year low.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5341, is trading against the Euro in the region of 0.6224 and is trading against the US Dollar in the region of 0.8362

Canadian Dollar

Notable ‘Loonie’ movement can be expected over the next couple of days with economists predicting that Canadian housing and employment data releases – scheduled to take place today and tomorrow – will show signs of economic weakening. Despite this the Canadian Dollar posted a very slight gain against its American counterpart before the close of trade yesterday.

The Canadian Dollar is presently trading against the Pound in the region of 0.6411, is trading against the Euro in the region of 0.7411 and is trading against the US Dollar in the region of 1.0042

 

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.