Following last week’s advance against the US Dollar (which was the Pound’s most significant for three years) the British currency modestly weakened as the European session began. Sterling slipped slightly against the ‘Greenback’ despite a BDP LLP survey showing that there are indications that the UK economy is strengthening, but was little changed against the Euro.
GBP/EUR is trading in the region of 1.1751 and GBP/USD is trading in the region of 1.5501
Last week’s better than estimated US jobs data allowed the ‘Greenback’ to rally against the Yen and advance on several of its other most traded peers. Some economists are forecasting that ongoing speculation regarding the Federal Reserve trimming its current level of stimulus could keep the US Dollar bullish in the days ahead.
USD/GBP is trading in the region of 0.6450 and USD/EUR is trading in the region of 0.7579
On Thursday the Euro hit multi-week highs against the US Dollar as the ECB issued a comparatively positive economic outlook for the Eurozone. Although the common currency lost a little ground on Friday as the ‘Greenback’ broadly strengthened following the publication of the US non-farm payrolls report, it could climb once more if today’s Eurozone Sentix investor confidence index beats the -11.3 estimate.
EUR/GBP is trading in the region of 0.8512 and EUR/USD is trading in the region of 1.3195
After data showed that China’s imports dropped 0.3 per cent last month from the same period of a year earlier, following April’s expansion of 16.8 per cent, the Australian Dollar shed 0.7 per cent against the ‘Greenback’. The ‘Aussie’ is likely to experience further fluctuations tomorrow, following the publication of Australian business confidence/conditions surveys.
AUD/GBP is trading in the region of 0.6075, AUD/EUR is trading in the region of 0.7141 and AUD/USD is trading in the region of 0.9411
New Zealand Dollar
The unexpected decline in Chinese imports caused the New Zealand Dollar to weaken during local trade, despite a local gauge of manufacturing activity climbing from -0.1 per cent to 0.2 per cent in the first quarter. The ‘Kiwi’ dropped to 78.54 against its US counterpart as speculation regarding the likelihood of the Federal Reserve tapering stimulus continues.
NZD/GBP is trading in the region of 0.5067, NZD/EUR is trading in the region of 0.5956 and NZD/USD is trading in the region of 0.7853
As last week came to a close the Canadian Dollar ended trade significantly higher against the US Dollar. The commodity-driven currency broadly strengthened in response to better-than-forecast domestic employment data. Additional movement could occur this afternoon following the publication of Canadian Housing Starts figures.
CAD/GBP is trading in the region of 0.6341, CAD/EUR is trading in the region of 0.7428 and CAD/USD is trading in the region of 0.9800
These exchange rates were correct as of 9:20 am