Hopes that today’s UK retail sales figures will show expansion for a third month supported the Pound as the local session began. Sterling advanced at the US Dollar and largely retained yesterday’s gains against the Euro. If today’s retail sales figures surprise to the upside the Pound could continue to climb.
GBP/EUR is trading in the region of 1.1690 and GBP/USD is trading in the region of 1.5528
After a Federal Reserve official warned that the public shouldn’t be overly optimistic regarding the US economic recovery the ‘Greenback’ softened against the majority of its most traded peers. The safe-haven asset slipped notably against the New Zealand Dollar and Yen ahead of the release of today’s US CPI data.
USD/GBP is trading in the region of 0.6443 and USD/EUR is trading in the region of 0.7529
In the wake of yesterday’s better-than-forecast growth figures for Germany, France and the Eurozone, the Euro recorded gains against several of its main rivals. In a quite news day for the currency bloc additional Euro movement is likely to be driven by news from the UK and US.
EUR/GBP is trading in the region of 0.8553 and EUR/USD is trading in the region of 1.3280
Ongoing speculation regarding the likelihood of the Reserve Bank of Australia issuing a rate cut when it meets next month continued to wear on the ‘Aussie’ during the local session, with the commodity-driven currency loosing additional ground against the New Zealand and US Dollars.
AUD/GBP is trading in the region of 0.5905, AUD/EUR is trading in the region of 0.6904 and AUD/USD is trading in the region of 0.9162
New Zealand Dollar
As Australasian trading progressed the ‘Kiwi’ extended gains against its Australian counterpart and enjoyed a bullish relationship with several of its currency peers. The South Pacific Dollar was boosted by the news that a gauge of manufacturing for New Zealand advanced to a nine-year high while the nation’s job advertisements increased.
NZD/GBP is trading in the region of 0.5193, NZD/EUR is trading in the region of 0.6063 and NZD/USD is trading in the region of 0.8078
Prior to the publication of Canadian existing home sales data the ‘Loonie’ edged away from yesterday’s week-low against the US Dollar. The commodity-driven currency was bolstered by yesterday’s positive growth news for the Eurozone, which improved global trade prospects.
CAD/GBP is trading in the region of 0.6243, CAD/EUR is trading in the region of 0.7302 and CAD/USD is trading in the region of 0.9698
These exchange rates were correct as of 9:05 am