Sterling declined for a third day

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Pound Sterling

Sterling declined for a third day against the Euro prior to this morning’s release of minutes from the latest BoE meeting. After hitting a seven-month low against the US Dollar yesterday the Pound was little changed, despite economist’s predicting that UK jobless claims data will show a drop in claims of 5,500. If the actual figure is better-than-expected the Pound could rise. Economic news from the US could also cause Sterling movement today.

The Pound is presently trading against the Euro in the region of 1.1504 and is trading against the US Dollar in the region of 1.5430

US Dollar

Yesterday the ‘Greenback’ achieved a seven month high against its British counterpart. However, the safe-haven currency posted modest declines against the Euro after the common currency benefited from a better-than-forecast economic sentiment survey for Germany and the expectation that further statistics will reveal improvement in Eurozone consumer confidence. The ‘Greenback’ also dropped against a broadly strengthening Japanese Yen. Fluctuations could be triggered today by the US producer price index and housing starts figures.

The US Dollar is presently trading against the Pound in the region of 0.6481 and is trading against the Euro in the region of 0.7454

Euro

The Euro gained on several of its most traded rivals yesterday following positive economic sentiment surveys for Germany and the Eurozone. With economists forecasting that consumer confidence in the 17 nation currency bloc also improved the Euro continued to rise this morning, despite a slight decline in German CPI. After the consumer confidence figures are released this afternoon the Euro could experience significant volatility.

The Euro is presently trading against the Pound in the region of 0.8691 and is trading against the US Dollar in the region of 1.3416

Australian Dollar

After the Reserve Bank of Australia’s meeting minutes were published the ‘Aussie’ was able to broadly strengthen. Comments made in the minutes by the RBA lowered the odds of a further rates cut, allowing the Australian Dollar to climb by 0.5 per cent on its American counterpart. The ‘Aussie’ was also able to rise after data showed that the Australian wage price index rose in the final quarter of 2012.

The Australian Dollar is presently trading against the Pound in the region of 0.6714, is trading against the Euro in the region of 0.7715 and is trading against the US Dollar in the region of 1.0350

New Zealand Dollar

The New Zealand Dollar lost ground against most of its main competitors after the Reserve Bank of New Zealand asserted that the nation’s monetary authority is ready to step in and limit gains in the ‘Kiwi’ if necessary. After the RBNZ’s comments the South Pacific currency shed 0.7 per cent against the US Dollar. Credit card spending figures, due for release on Friday, are the next piece of influential New Zealand data.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5445, is trading against the Euro in the region of 0.6269 and is trading against the US Dollar in the region of 0.8397

Canadian Dollar

Yesterday a drop in the price of crude oil, one of Canada’s key exports, and disappointing Canadian wholesale sales data caused the ‘Loonie’ to sink to a seven-month low against its American counterpart and fall against the majority of its other most traded peers. The Canadian Teranet/National Bank HPI could cause ‘Loonie’ movement today but investors will also want to look out for data releases from the US and Eurozone.

The Canadian Dollar is presently trading against the Pound in the region of 0.6411, is trading against the Euro in the region of 0.7367 and is trading against the US Dollar in the region of 0.9883

These exchange rates were correct as of 9:23 am

Laura Barrett
This post was written by
Laura moved from the US to the UK several years ago. As a corporate sales executive for a leading foreign exchange company, Laura has expert knowledge of currency movements and market trends and is able to offer specialist guidance regarding making a trade at the most lucrative time and protecting transactions from currency risk.