Sterling achieved a two-month high

money_pounds

Pound Sterling

Although a report published this morning revealed an unexpected dip in UK consumer confidence the Pound was little changed against the US Dollar. Yesterday Sterling achieved a two-month high against its American counterpart, but movement in the British currency could occur in response to UK net consumer credit figures.

The Pound is presently trading against the Euro in the region of 1.1849 and is trading against the US Dollar in the region of 1.5483

US Dollar

Although the Dollar remains under pressure following last week’s softer-than-forecast US GDP, the ‘Greenback’ was little changed against the Yen following the release of a stream of economic data for Japan. The pairing is expected to experience significant movement in the wake of the Federal Reserve’s two-day policy meeting, which begins tomorrow. US consumer confidence data will also be of interest.

The US Dollar is presently trading against the Pound in the region of 0.6439 and is trading against the Euro in the region of 0.7649

Euro

Several pieces of influential data for the Eurozone are likely to cause Euro fluctuations in the hours ahead, including the currency bloc’s Consumer Price Index and unemployment rate. Already this morning a report has shown that German unemployment increased for a second consecutive month in April. Prior to the data’s release the Euro declined modestly against the US Dollar.

The Euro is presently trading against the Pound in the region of 0.8443 and is trading against the US Dollar in the region of 1.3073

Australian Dollar

Ahead of tomorrow’s Federal Reserve policy meeting, the ‘Aussie’ climbed close to a two-week high against the US Dollar. The Australian Dollar was supported in local trade as domestic data showed that private sector credit increased last month and Asian stocks advanced. The Australia AiG Performance of Manufacturing Index, due for release at 00:30 GMT, could inspire additional ‘Aussie’ movement. China’s manufacturing PMI is also likely to trigger market volatility.

The Australian Dollar is presently trading against the Pound in the region of 0.6685, is trading against the Euro in the region of 0.7918 and is trading against the US Dollar in the region of 1.0355

New Zealand Dollar

Although the New Zealand Dollar benefited from the expectation that the Federal Reserve will opt to maintain stimulus when it meets tomorrow, demand for the ‘Kiwi’ was limited due to an unexpected drop in New Zealand’s building approvals. The currency declined modestly against the US Dollar and lost ground against its Australian counterpart.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5527, is trading against the Euro in the region of 0.6541 and is trading against the US Dollar in the region of 0.8564

Canadian Dollar

As the price of crude oil increased the Canadian Dollar gained, achieving a two-week high against its US rival. The ‘Loonie’ also benefited from speculation that the US central bank will maintain its current stimulus methods when it meets tomorrow. However, with today’s Canadian GDP figures expected to show stagnation, the ‘Loonie’ declined against its fellow commodity-driven currencies, including the Australian Dollar.

The Canadian Dollar is presently trading against the Pound in the region of 0.6382, is trading against the Euro in the region of 0.7563 and is trading against the US Dollar in the region of 0.9886

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.