The ‘Kiwi’ enjoyed a rebound

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Pound Sterling

After Mark Carney dispelled fears that he intends to push through further easing when he takes over as Bank of England Governor in July the Pound strengthened, gaining on major rivals the Euro and the US Dollar. Sterling’s advance on the common currency, which pushed it towards its best weekly gain in this paring for two years, was aided by European developments.

The Pound is presently trading against the Euro in the region of 1.1734 and is trading against the US Dollar in the region of 1.5741

US Dollar

The ‘Greenback’ posted gains against several of its higher-yielding currency rivals yesterday after fears that the strength of the Euro could damage the Eurozone’s recovery led to a bout of risk aversion in the marketplace. The US Dollar could continue to climb today if American trade balance figures show improvement as expected.

The US Dollar is presently trading against the Pound in the region of 0.6353 and is trading against the Euro in the region of 0.7452

Euro

Although previously stressing that exchange rates don’t play a role in central bank policy, yesterday ECB President Mario Draghi warned that if the Euro didn’t weaken slightly it could negatively impact the Eurozone. His comments sparked risk-aversion in the marketplace and caused the Euro to fall against several of its most traded peers.

The Euro is presently trading against the Pound in the region of 0.8518 and is trading against the US Dollar in the region of 1.3415

Australian Dollar

Better-than-expected Chinese data allowed the ‘Aussie’ to shed recent losses. The improvement in China’s import/export figures boosted the South Pacific nation’s trade prospects, counteracting the negative effect declining Asian stocks had on the Australian Dollar.

The Australian Dollar is presently trading against the Pound in the region of 0.6559, is trading against the Euro in the region of 0.7692 and is trading against the US Dollar in the region of 1.0313

New Zealand Dollar

After recording notable declines against several of its main trading partners yesterday the ‘Kiwi’ enjoyed a rebound after Chinese imports were shown to have increased in January by 5.3 per cent more than anticipated. This result saw the New Zealand Dollar climb against several of its most traded peers.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5313, is trading against the Euro in the region of 0.6159 and is trading against the US Dollar in the region of 0.8366

Canadian Dollar

The Canadian Dollar’s recent two-week high against its American counterpart proved to be short lived after risk-aversion caused the former currency to plummet. Eurozone concerns, dropping oil prices and the prospect of slowing Canadian job growth combined to push the ‘Loonie’ lower before the close of trade.

The Canadian Dollar is presently trading against the Pound in the region of 0.6362, is trading against the Euro in the region of 0.7463 and is trading against the US Dollar in the region of 1.0015

 These exchange rates were correct as of 9.39 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.