After UK home prices rose for the fifth consecutive month the Pound eased away from a six-month low against the US Dollar. The currency was little changed this morning ahead of the publication of UK consumer price inflation data. Economists are forecasting that the rate of consumer-price inflation fell from 2.8 to 2.6 last month. Sterling was little changed against the Euro.
GBP/EUR is trading in the region of 1.1823 and GBP/USD is trading in the region of 1.5237
The ‘Greenback’ dipped slightly against several of its most traded peers during the local session as investors anxiously await Federal Reserve Chairman Ben Bernanke’s testimony regarding US fiscal policy and the release of minutes from the Feds most recent policy meeting. Any indications that the Fed may begin to wind down its current easing methods are likely to result in a bullish Dollar.
USD/GBP is trading in the region of 0.6563 and USD/EUR is trading in the region of 0.7759
As European markets opened the Euro climbed modestly against its US rival, however an absence of economic news for the Eurozone and the Fed Chairman’s upcoming testimony regarding US fiscal policy are likely to limit additional movement over the course of the day.
EUR/GBP is trading in the region of 0.8459 and EUR/USD is trading in the region of 1.2887
Following the release of minutes from the Reserve Bank of Australia’s latest policy meeting the ‘Aussie’ initially declined before rebounding to hold its most significant gain against the US Dollar for two months. The South Pacific currency is likely to experience notable movement in the aftermath of Fed Chairman Ben Bernanke’s policy related speech. Tomorrow’s Australian consumer confidence index will also be of interest.
AUD/GBP is trading in the region of 0.6430, AUD/EUR is trading in the region of 0.7617 and AUD/USD is trading in the region of 0.9817
New Zealand Dollar
With significant pieces of US news on the horizon and New Zealand’s credit card spending increasing in April, the ‘Kiwi’ was able to extend recent gains against the US Dollar. After gaining by 1.3 per cent yesterday the New Zealand Dollar advanced to 82.10 US cents during local trade.
NZD/GBP is trading in the region of 0.5362, NZD/EUR is trading in the region of 0.6353 and NZD/USD is trading in the region of 0.8176
A slow news day limited ‘Loonie’ fluctuations yesterday, although the commodity-driven currency did dip slightly as crude oil fell. While tomorrow’s Canadian retail sales figures will be a cause of Canadian Dollar movement, investors will largely be focusing on Ben Bernanke’s economic testimony and the publication of minutes from the latest Federal Reserve policy meeting.
CAD/GBP is trading in the region of 0.6396, CAD/EUR is trading in the region of 0.7567 and CAD/USD is trading in the region of 0.9754
These exchange rates were correct as of 9:00 am