The Euro began the local session close to a seven-month low

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Pound Sterling

With Chancellor of the Exchequer George Osborne due to reaffirm his commitment to the UK’s austerity measures, the Pound was hovering within touching distance of a 7-month high against the Euro this morning. However, if the Eurozone Sentix investor confidence gauge rises as expected the GBP/EUR pairing could trim its advance.

GBP/EUR is trading in the region of 1.1884 and GBP/USD is trading in the region of 1.5653

US Dollar

Friday’s disappointing US employment figures saw the ‘Greenback’ post widespread declines against its peers. But with the Yen softening as a result of improving confidence in Japan’s economic recovery the US Dollar was able to advance on its Asian peer overnight. The North American asset also strengthened against several of its other main rivals as a result of ongoing speculation regarding the Federal Reserve and the tapering of quantitative easing.

USD/GBP is trading in the region of 0.6392 and USD/EUR is trading in the region of 0.7591

Euro

Last week’s cautious statement from European Central Bank President Mario Draghi continued to weigh on the Euro over the weekend, and the common currency began the local session close to a seven-month low against its British cousin. Today’s Sentix investor confidence index for the Eurozone may be the main cause of Euro volatility in the hours ahead but news from Italy regarding Silvio Berlusconi’s conviction for tax fraud will also be of interest.

EUR/GBP is trading in the region of 0.8414 and EUR/USD is trading in the region of 1.3170

Australian Dollar

After the Labour party was ousted in the Australian elections and the Liberal-National coalition’s victory was announced the ‘Aussie’ experienced fluctuations. The South Pacific asset then advanced to a three-week high against the US Dollar as signs of economic recovery in China boosted Australia’s trade prospects.

AUD/GBP is trading in the region of 0.5879, AUD/EUR is trading in the region of 0.6979 and AUD/USD is trading in the region of 0.9203

New Zealand Dollar

Hope’s that this week’s industrial production report for China will show the fastest pace of growth since the close of last year helped push the New Zealand Dollar to 80.34 against its US counterpart. The ‘Kiwi’ was also able to post a notable advance against the Yen ahead of the publication of domestic card spending figures, due out at 23:45 GMT.

NZD/GBP is trading in the region of 0.5104, NZD/EUR is trading in the region of 0.6072 and NZD/USD is trading in the region of 0.7992

Canadian Dollar

The ‘Loonie’ ended last week on a high as local employment figures far exceeded expectations. While the Canadian economy added nearly three times as many positions as forecast the unemployment rate declined to 7.1 per cent. Today’s Canadian building permits report could inspire Canadian Dollar movement in the hours ahead.

CAD/GBP is trading in the region of 0.6151, CAD/EUR is trading in the region of 0.7310 and CAD/USD is trading in the region of 0.9627

These exchange rates were correct as of 9:20 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.