Sterling climbed against the US Dollar

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Pound Sterling

Sterling climbed against the US Dollar this morning before the release of UK inflation figures for March. The British currency edged back above 1.5300 and further fluctuations are likely to occur in the hours ahead as UK Producer Price Index and Retail Prices could impact the Pound. CPI figures in the US and Eurozone will also keep the currency moving.

The Pound is presently trading against the Euro in the region of 1.1707 and is trading against the US Dollar in the region of 1.5310

US Dollar

The ‘Greenback’ continued to trade strongly against the majority of its most traded peers during local trade as less-than-impressive Chinese data and mixed US economic news stole investor’s appetite for risk.  With the G-20 meeting edging closer the US Dollar posted further gains against the Yen. The data release to watch out for today is the US Consumer Price Index for March, due out at 13:30 GMT.

The US Dollar is presently trading against the Pound in the region of 0.6533 and is trading against the Euro in the region of 0.7651

Euro

In a risk-off market the Euro lost ground against the safe-haven US Dollar over the course of local trade. The common currency is likely to experience significant volatility this morning following a news conference, chaired by the Greek Finance Minister, focused on the nation’s Troika deal. The Eurozone’s Consumer Price Index, due for release at 10:00 am GMT, will be another cause of movement.

The Euro is presently trading against the Pound in the region of 0.8542 and is trading against the US Dollar in the region of 1.3076

Australian Dollar

The ‘Aussie’ jumped by 0.6 per cent against its US counterpart after the RBA released minutes from its latest policy meeting, despite commodities dropping. Although the central bank held rates at their previous level, it reiterated that there is room to cut borrowing cuts further because of the nation’s inflation outlook. After the minutes were published the Australian Dollar to climbed against the majority of its most traded peers.

The Australian Dollar is presently trading against the Pound in the region of 0.6779, is trading against the Euro in the region of 0.7934 and is trading against the US Dollar in the region of 1.0373

New Zealand Dollar

After plummeting against its most traded currency rivals following the release of disappointing Chinese GDP figures, the ‘Kiwi’ rallied during local trade, climbing 0.9 per cent against the US Dollar after dropping 2.1 per cent yesterday. The New Zealand Dollar rose against several of its other main counterparts despite Finance Minister Bill English stating that the currency is overvalued. During a Q&A session in Parliament English asserted that if the ‘Kiwi’s current strength continues New Zealand’s exporters will experience difficulties.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5537, is trading against the Euro in the region of 0.6477 and is trading against the US Dollar in the region of 0.8475

Canadian Dollar

During local trade the Canadian Dollar fell to a seven-day low against its US rival as commodity-driven currencies bore the brunt of China’s disappointing GDP result. Little additional movement was inspired by a Canadian report showing that the nation’s home sales increased by 2.4 per cent last month, while sales were down 15.3 per cent from the same period of 2012. As trade progressed commodities continued to fall, taking the ‘Loonie’ with them. Before the close of local trade the Canadian Dollar experienced its most significant decline against its US counterpart for over a year. As the US is Canada’s main trading partner the US Consumer Price Index, scheduled for release at 13:30 GMT, will be a cause of ‘Loonie’ movement.

The Canadian Dollar is presently trading against the Pound in the region of 0.6389, is trading against the Euro in the region of 0.7479 and is trading against the US Dollar in the region of 0.9779

These exchange rates were correct as of 9:00 am

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.