Sterling posts widespread gains

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Pound Sterling

Towards the close of last week moderately stronger-than-anticipated UK GDP allowed Sterling to post widespread gains against the majority of its most traded rivals. The British currency extended its advance against the US Dollar and Euro this morning following the publication of positive UK house price data.

The Pound is presently trading against the Euro in the region of 1.1863 and is trading against the US Dollar in the region of 1.5530

US Dollar

After data revealed that the US economy expanded by less-than-anticipated in the first quarter of 2013 the ‘Greenback’ softened, losing ground against peers including the Japanese Yen and British Pound. The US Dollar continues to trade lower today as investors await the publication of US consumer spending data. Economists expect this latest batch of figures to show stagnation.

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 0.7638

Euro

With the odds of the European Central Bank issuing another rate cut increasing, the Euro recorded a sixth-day of declines against the Pound. Although today’s German CPI figures will probably result in Euro movement, investors will also be looking ahead to Thursday and the ECB’s next policy meeting.

The Euro is presently trading against the Pound in the region of 0.8430 and is trading against the US Dollar in the region of 1.3093

Australian Dollar

Although a report from China, showing a slowing in industrial company profit growth, caused the ‘Aussie’ to slip against the Japanese Yen, the South Pacific currency continues to trade in the region of 1.0331 against the US Dollar. The next piece of influential Australian Data is the nation’s Private Sector Credit report, due for release tomorrow.

The Australian Dollar is presently trading against the Pound in the region of 0.6652, is trading against the Euro in the region of 0.7902 and is trading against the US Dollar in the region of 1.0334

New Zealand Dollar

The New Zealand Dollar was little changed as the European session began. However, economists are expecting that the number of building permits issued in New Zealand rose by 2 per cent in March, taking the figure to the highest level for five years. If the data scheduled for publication at 23:45 GMT supports this the ‘Kiwi’ is likely to gain.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5491, is trading against the Euro in the region of 0.6513 and is trading against the US Dollar in the region of 0.8528

Canadian Dollar

The Canadian Dollar strengthened against its broadly softening US counterpart over the weekend as commodities, like crude oil, enjoyed a rebound. An absence of domestic data will limit ‘Loonie’ movement today, although fluctuations are likely to occur in response to US consumer spending data.

The Canadian Dollar is presently trading against the Pound in the region of 0.6348, is trading against the Euro in the region of 0.7530 and is trading against the US Dollar in the region of 0.9860

These exchange rates were correct as of 9:25 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.