This morning a UK housing report showed that prices climbed for a sixth month in July, but the Pound’s movement was limited ahead of the release of UK industrial production figures. Economists have forecast that industrial output climbed by 0.7 per cent in May. If the data meets or exceeds expectations Sterling could extend yesterday’s gains.
GBP/EUR is trading in the region of 1.1572 and GBP/USD is trading in the region of 1.5339
Although the US Dollar lost ground against peers including the Pound and Euro during the local session, it broke free from a recent run of losses against the Yen ahead of a speech from Charles Evans, President of the Federal Reserve Bank of Chicago. During Australasian trading the ‘Greenback’ softened against a rebounding ‘Aussie’.
USD/GBP is trading in the region of 0.6519 and USD/EUR is trading in the region of 0.7545
Prior to the release of Italian GDP data and a German factory order report, the Euro was trading close to a 7-week high against the US Dollar. The common currency could be boosted against its rivals if today’s Eurozone news is as positive as expected.
EUR/GBP is trading in the region of 0.8640 and EUR/USD is trading in the region of 1.3255
The Reserve Bank of Australia’s decision to cut the overnight cash rate to a new record low caused the ‘Aussie’ to rebound during the local session. The South Pacific asset climbed against all of its main rivals, edging away from a three-year low against the US Dollar, as the central bank stated that Australia’s inflation outlook allowed the rate cut.
AUD/GBP is trading in the region of 0.5856, AUD/EUR is trading in the region of 0.6779 and AUD/USD is trading in the region of 0.8983
New Zealand Dollar
As New Zealand’s government stated that the economy will sidestep any immediate negative effects from China’s ban on some of the nation’s dairy products, the ‘Kiwi’ advanced on its peers. Domestic unemployment figures, due out at 23:45 GMT, are likely to inspire further New Zealand Dollar movement.
NZD/GBP is trading in the region of 0.5119, NZD/EUR is trading in the region of 0.5918 and NZD/USD is trading in the region of 0.7862
With local markets closed for a national holiday ‘Loonie’ fluctuations were restricted yesterday, although the commodity-driven currency did dip against its US counterpart following a positive gain in the US ISM non-manufacturing composite gauge. Today’s Canadian international merchandise trade report could impact the Canadian Dollar, but investors will also be looking ahead to tomorrow’s more influential building data.
CAD/GBP is trading in the region of 0.6292, CAD/EUR is trading in the region of 0.7276 and CAD/USD is trading in the region of 0.9647
These exchange rates were correct as of 9:00 am