Sterling extended losses against the US Dollar

uk_money

Pound Sterling

Sterling extended losses against the US Dollar this morning prior to the release of a UK public finances report. The British currency was knocked over the weekend after top ratings agency Fitch became the second to cut the UK’s coveted AAA rating. Economists have predicted that today’s report will reveal that the UK’s budget deficit narrowed last month.

The Pound is presently trading against the Euro in the region of 1.1735 and is trading against the US Dollar in the region of 1.5234

US Dollar

The ‘Greenback’ gained on the majority of its peers during the Asian session as investors turned to the safe-haven asset in the wake of a weaker-than-expected Chinese manufacturing figure. However, the US Dollar lost ground against fellow safe-haven currency the Japanese Yen as the latter currency also broadly strengthened. Several pieces of influential US data, including Markit’s preliminary PMI report, could inspire market movement.

The US Dollar is presently trading against the Pound in the region of 0.6564 and is trading against the Euro in the region of 0.7697

Euro

With this morning’s manufacturing and services PMI data for the Eurozone and Germany expected to show mixed results the Euro slipped slightly against the US Dollar this morning. The common currency lost ground against its safe-haven counterpart as higher-risk currencies weakened in response to news from China.

The Euro is presently trading against the Pound in the region of 0.8521 and is trading against the US Dollar in the region of 1.2981

Australian Dollar

After China’s manufacturing PMI came in 1 per cent lower than anticipated and 1.1 per cent lower than the previous month’s result, the currencies of the Asian nation’s main trading partners slumped. The ‘Aussie’ fell against most of its currency rivals and declined notably against the safe-haven US Dollar and Japanese Yen.

The Australian Dollar is presently trading against the Pound in the region of 0.6716, is trading against the Euro in the region of 0.7833 and is trading against the US Dollar in the region of 1.0245

New Zealand Dollar

Ahead of the Reserve Bank of New Zealand’s rate decision, due for announcement at 22:00 GMT , the ‘Kiwi’ broadly declined in response to worse-than-forecast Chinese manufacturing figures. Industry experts are expecting that New Zealand’s central bank will hold rates at their current level.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5483, is trading against the Euro in the region of 0.6409 and is trading against the US Dollar in the region of 0.8367

Canadian Dollar

The Canadian Dollar outperformed its fellow commodity-driven currencies yesterday as investors bet that the recent weakness in metals would impact Canada least. The ‘Loonie’ also climbed against the US Dollar as the price of Canada’s main export increased. Canada’s retail sales data is due for release this afternoon and is likely to inspire ‘Loonie’ fluctuations.

The Canadian Dollar is presently trading against the Pound in the region of 0.6383, is trading against the Euro in the region of 0.7495 and is trading against the US Dollar in the region of 0.9730

These exchange rates were correct as of 9:30 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.