The ‘Aussie’ was able to climb

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Pound Sterling

After yesterday’s disappointing UK construction data the Pound declined against several of its most traded peers. Sterling was little changed against the Euro and the US Dollar this morning as economists await a report which they expect will show that services output in the UK expanded in February for a second month. Developments in the Eurozone, including the release of retail sales data for the region, could cause additional movement in the hours ahead.

The Pound is presently trading against the Euro in the region of 1.1604 and is trading against the US Dollar in the region of 1.5143

US Dollar

The US Dollar gained on the Euro, British Pound and Canadian Dollar yesterday as concerns regarding the economies of the currencies respective countries caused all three to soften. The ‘Greenback’ could see further advances against the Euro if today’s retail sales figures for the 17-nation currency bloc disappoint. Also of interest is this afternoon’s US ISM non-manufacturing composite data.

The US Dollar is presently trading against the Pound in the region of 0.6604 and is trading against the Euro in the region of 0.7676

Euro

Before the release of several pieces of influential data for the Eurozone, including retail sales figures for January, the Euro declined against the Japanese Yen. Several factors wore on the common currency, including the ongoing political uncertainty in Italy and the expectation that tomorrow’s GDP report for the 17 nation currency bloc will reveal contraction. Any statements released following the meeting of EU finance ministers in Brussels are likely to trigger Euro movement.

The Euro is presently trading against the Pound in the region of 0.8613 and is trading against the US Dollar in the region of 1.3050

Australian Dollar

After the Reserve Bank of Australia held its benchmark interest rate at its previous level the ‘Aussie’ was able to climb, recouping losses sustained against the majority of its rivals. Against its American counterpart the Australian Dollar gained 0.4 per cent, moving away from yesterday’s eight-month low of $1.0115. The ‘Aussie’ also benefited from a report which showed a 0.9 per cent rebound in Australian retail sales. Investors will now be waiting for tomorrow’s Australian GDP figures.

The Australian Dollar is presently trading against the Pound in the region of 0.6760, is trading against the Euro in the region of 0.7846 and is trading against the US Dollar in the region of 1.0241

New Zealand Dollar

As risk-appetite strengthened and Asian stocks rose the New Zealand Dollar advanced on its US rival despite a private Chinese survey revealing that services industries expanded less rapidly in February than in January. Today the ‘Kiwi’ may experience movement as a result of global economic developments, including influential data releases from the Eurozone.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5471, is trading against the Euro in the region of 0.6353 and is trading against the US Dollar in the region of 0.8289

Canadian Dollar

After crude oil fell to a 10-week low the commodity-driven Canadian Dollar continued to trade in the region of an eight-month low against the US Dollar. The ‘Loonie’ also posted declines against several of its most traded peers after data revealed slower expansion than expected among Chinese companies. Losses were tempered as improved risk appetite saw stocks rise.

The Canadian Dollar is presently trading against the Pound in the region of 0.6440, is trading against the Euro in the region of 0.7472 and is trading against the US Dollar in the region of 0.9748

These exchange rates were correct as of 9:10 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.