The ‘Greenback’ remains buoyed

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Pound Sterling

With economists forecasting that this morning’s UK manufacturing data will reveal that the sector stagnated in January the Pound weakened against the majority of its most traded peers, heading for a 2 ½ year low against the US Dollar. Sterling also lost ground after a report revealed a drop in UK house prices. The Pound is likely to experience further movement this afternoon following the release of the NIESR GDP estimate for February.

The Pound is presently trading against the Euro in the region of 1.1457 and is trading against the US Dollar in the region of 1.4898

US Dollar

The ‘Greenback’ remains buoyed following Friday’s better-than-forecast employment data, posting modest gains on rivals including the Euro. With industry experts expecting that tomorrow’s US retail figures will show improvement the US Dollar could continue to be bullish in the days ahead.

The US Dollar is presently trading against the Pound in the region of 0.6715 and is trading against the Euro in the region of 0.7692

Euro

The Euro was little changed after German consumer prices increased by 0.6 per cent in February from January and 1.5 per cent on the year, in line with expectations. Movement could follow Spanish and Italian Bill sales, but investors are likely to be looking ahead to Friday’s more volatile news, including the publication of the ECB’s monthly report and Eurozone CPI.

The Euro is presently trading against the Pound in the region of 0.8728 and is trading against the US Dollar in the region of 1.3003

Australian Dollar

As the odds of the Reserve Bank of Australia cutting rates fell, the ‘Aussie’ posted gains against the majority of its main currency rivals. Meanwhile indications that Haruhiko Kuroda (the man tipped to become the next governor of the Bank of Japan) is preparing for a quick expansion of monetary stimulus, helped the Australian Dollar achieve an over four-year high against the Japanese Yen. Today’s Australian Westpac Consumer Confidence Index could trigger ‘Aussie’ fluctuations in the hours ahead.

The Australian Dollar is presently trading against the Pound in the region of 0.6900, is trading against the Euro in the region of 0.7904 and is trading against the US Dollar in the region of 1.0279

New Zealand Dollar

Concerns regarding the impact national drought will have on New Zealand’s economy caused the ‘Kiwi’ to fall against the US Dollar, but speculation that the Bank of Japan will soon expand monetary easing allowed the South Pacific currency to hit a four-year high against the Yen. Investors will now be looking ahead to the Reserve Bank of New Zealand’s rate decision, due to be announced tomorrow.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5538, is trading against the Euro in the region of 0.6315 and is trading against the US Dollar in the region of 0.8237

Canadian Dollar

With Friday’s employment data continuing to boost hopes of economic recovery in the world’s 11th largest economy the Canadian Dollar was able to climb for a third day. The ‘Loonie’ posted gains against the majority of its most traded peers ahead of Thursday’s Canadian capacity utilization and new housing price data.

The Canadian Dollar is presently trading against the Pound in the region of 0.6531, is trading against the Euro in the region of 0.7484 and is trading against the US Dollar in the region of 0.9732

These exchange rates were correct as of 9:12 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.