After advancing to its highest level against the Euro since May 6th, the Pound was little changed this morning ahead of the publication of UK manufacturing and industrial production figures. If they continue the trend of UK data surprising to the upside Sterling could climb further before the weekend.
GBP/EUR is trading in the region of 1.1883 and GBP/USD is trading in the region of 1.5588
Today’s US non-farm payrolls report will be the main driver of market movement today. If it indicates that the US employment sector is improving the likelihood of the Federal Reserve tapering stimulus this month will increase and the ‘Greenback’ could recoup recent losses against the Yen.
USD/GBP is trading in the region of 0.6413 and USD/EUR is trading in the region of 0.7622
Yesterday’s rather pessimistic statement from the European Central Bank saw the Euro plummet against peers like the US Dollar and Pound. With a German report showing an unexpected decline in exports this morning the common currency’s bearish relationship with its peers is likely to be carried over the weekend.
EUR/GBP is trading in the region of 0.8417 and EUR/USD is trading in the region of 1.3121
Speculation that the Reserve Bank of Australia may not cut rates further this year, coupled with an improving global economic picture, has helped the ‘Aussie’ record significant gains against several of its main rivals this week, including an over 2 per cent advance against the US Dollar. Although a domestic performance of construction index declined from 44.1 to 43.7 the Australian Dollar is still set to end the week stronger than it began.
AUD/GBP is trading in the region of 0.5862, AUD/EUR is trading in the region of 0.6959 and AUD/USD is trading in the region of 0.9145
New Zealand Dollar
A lack of economic news for New Zealand has left the ‘Kiwi’ fairly static against its peers this morning. However, the South Pacific asset may experience fluctuations before the weekend as a result of today’s US non-farm payrolls report.
NZD/GBP is trading in the region of 0.5089, NZD/EUR is trading in the region of 0.6044 and NZD/USD is trading in the region of 0.7932
Although the Canadian Dollar advanced on the US Dollar following the Bank of Canada’s rate decision the commodity driven asset slipped as the European session opened and investors focused on today’s US non-farm payrolls report. Canadian employment figures will also be key. If Canada’s economy adds the 20,000 positions predicted the ‘Loonie’ could end the week on a high.
CAD/GBP is trading in the region of 0.6113, CAD/EUR is trading in the region of 0.7282 and CAD/USD is trading in the region of 0.9554
These exchange rates were correct as of 9:20 am