The Euro was able to rebound

money_euros

Pound Sterling

Sterling climbed against the US Dollar for a third day and approached its highest level against its American rival for a month this morning. The British currency was also able to gain on the Euro after Bank of England Governor Mervyn King asserted that policy makers aren’t attempting to weaken the Pound. A lack of UK economic news means that Sterling movement is likely to be the result of news from the US and Eurozone.

The Pound is presently trading against the Euro in the region of 1.1616 and is trading against the US Dollar in the region of 1.5115

US Dollar

Despite yesterday’s positive US jobless claims data the ‘Greenback’ is in line to record its first weekly loss against the Euro for over a month. Although optimistic developments in the US have made the Dollar bullish in recent days, the common currency broadly strengthened as EU leaders considered loosening budget restrictions. This afternoon’s US consumer price index will be the main cause of Dollar volatility, but news out of Europe will also be of interest.

The US Dollar is presently trading against the Pound in the region of 0.6616 and is trading against the Euro in the region of 0.7679

Euro

After declining yesterday following concerning employment data for the Eurozone, the Euro was able to rebound as European leaders debated the benefits of loosening budget restrictions. Today investors will be focusing on further news releases from Brussels as the EU leaders summit enters its second day. Euro movement could also be triggered by this morning’s release of the currency bloc’s consumer price index for February.

The Euro is presently trading against the Pound in the region of 0.8609 and is trading against the US Dollar in the region of 1.3012

Australian Dollar

The ‘Aussie’ continued to strengthen during local trade as a result of far stronger-than-forecast employment data, trading within touching distance of a five-week high against the US Dollar. With the odds of an additional rate cut slashed, investors will now be looking ahead to next Tuesday’s release of minutes from the Reserve Bank of Australia’s latest policy meeting.

The Australian Dollar is presently trading against the Pound in the region of 0.6860, is trading against the Euro in the region of 0.7968 and is trading against the US Dollar in the region of 1.0375

New Zealand Dollar

The ‘Kiwi’s bearish relationship with several of its peers continued as investors focused on Reserve Bank of New Zealand Governor Graeme Wheeler’s comments on the ‘overvalued’ currency. Although the nation’s latest performance of manufacturing index gained 1.1 points in February the New Zealand Dollar still lost modest ground against its British and American rivals.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5432, is trading against the Euro in the region of 0.6317 and is trading against the US Dollar in the region of 0.8211

Canadian Dollar

After gaining following the release of positive US and Canadian data the ‘Loonie’ continued to climb as oil, lumber and aluminium futures gained. The Canadian Dollar advanced 0.6 per cent on its US rival and posted gains against several of its other most traded peers. This afternoon’s US consumer price index and Canadian existing home sales data are likely to be the main causes of ‘Loonie’ movement.

The Canadian Dollar is presently trading against the Pound in the region of 0.6478, is trading against the Euro in the region of 0.7525 and is trading against the US Dollar in the region of 0.9790

These exchange rates were correct as of 9:10 am

Laura Barrett
This post was written by
Laura moved from the US to the UK several years ago. As a corporate sales executive for a leading foreign exchange company, Laura has expert knowledge of currency movements and market trends and is able to offer specialist guidance regarding making a trade at the most lucrative time and protecting transactions from currency risk.