Pound Sterling
With Chancellor of the Exchequer George Osborne delivering his annual budget in just a few hours time Pound volatility can be expected today. The currency was little changed against the US Dollar and Euro this morning prior to the release of minutes from the Bank of England’s latest policy meeting and UK employment data. Jobless claims were shown to have fallen by less than expected while the employment rate held at 7.8 per cent.
The Pound is presently trading against the Euro in the region of 1.1662 and is trading against the US Dollar in the region of 1.5034
US Dollar
The US Dollar gained on the majority of its most traded rivals after risk aversion was heightened by the news that the Cypriot government rejected the proposal to levy bank deposits. The ‘Greenback’ saw additional gains against the Yen as Haruhiko Kuroda took his place as the new governor of the Bank of Japan.
The US Dollar is presently trading against the Pound in the region of 0.6654 and is trading against the Euro in the region of 0.7757
Euro
After dropping to within touching distance of a four-month low against the US Dollar after the results of the Cyprus bank levy vote were released, the Euro eked out a slight gain this morning as investors speculate over what course of action the ECB will take to support the nation. Any developments in this situation are likely to inspire additional Euro movement.
The Euro is presently trading against the Pound in the region of 0.8578 and is trading against the US Dollar in the region of 1.2892
Australian Dollar
The Australian Dollar fell to a week low against its US counterpart after Cyprus dismissed the tax on bank deposits and risk aversion strengthened. Although developments in the Eurozone could have a heavy impact on the market, tomorrow’s Flash Manufacturing PMI for China could also trigger ‘Aussie’ movement.
The Australian Dollar is presently trading against the Pound in the region of 0.6901, is trading against the Euro in the region of 0.8049 and is trading against the US Dollar in the region of 1.0372
New Zealand Dollar
The ‘Kiwi’ extended losses against the majority of its most traded peers during local trade as a result of a larger-than-forecast expansion in New Zealand’s current account deficit. The currency was also negatively affected by the outcome of the Cyprus vote and mounting fears regarding how much the nation’s drought will cost the economy.
The New Zealand Dollar is presently trading against the Pound in the region of 0.5449, is trading against the Euro in the region of 0.6368 and is trading against the US Dollar in the region of 0.8216
Canadian Dollar
The ‘Loonie’s bearish relationship with the majority of its peers continued as disappointing factory sales data added to concerns for the Canadian economy and risk aversion dominated the marketplace. Today movement in the Canadian Dollar is likely to occur in response to global economic developments.
The Canadian Dollar is presently trading against the Pound in the region of 0.6484, is trading against the Euro in the region of 0.7561 and is trading against the US Dollar in the region of 0.9748
These exchange rates were correct as of 9:51 am
