The Pound continued to trade within touching distance of a two-month high

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Pound Sterling

Ahead of an auction of inflation-protected UK government debt the Pound continued to trade within touching distance of a two-month high against its US counterpart and was largely unchanged from yesterday’s closing levels against the Euro. With market movement restricted by a lack of global economic news, Sterling fluctuations are expected to be slight in the hours ahead.

GBP/EUR is trading in the region of 1.1736 and GBP/USD is trading in the region of 1.5639

US Dollar

With the publication of minutes from the latest Federal Open Market Committee policy meeting approaching, the ‘Greenback’ was able to retain recent gains against several of its most traded rivals. Today’s only piece of US data, the Chicago Fed Nat activity index for July, is not expected to trigger significant US Dollar movement.

USD/GBP is trading in the region of 0.6396 and USD/EUR is trading in the region of 0.7492

Euro

Although data released this morning showed that German producer prices unexpectedly declined in August, Euro fluctuations were limited and the common currency continues to trade in the region of a week-high against the US Dollar. In a quite news week investors are largely looking ahead to this week’s PMI reports for Germany and the Eurozone.

EUR/GBP is trading in the region of 0.8521 and EUR/USD is trading in the region of 1.3325

Australian Dollar

In the wake of the release of minutes from the Reserve Bank of Australia’s latest policy meeting the ‘Aussie’ slipped against its peers for a second day. After the RBA intimated that the currency’s movement would be a key factor in deciding policy the Australian Dollar dropped, despite the central bank hinting that a further rate cut is not currently being considered.

AUD/GBP is trading in the region of 0.5776, AUD/EUR is trading in the region of 0.6778 and AUD/USD is trading in the region of 0.9032

New Zealand Dollar

After the Reserve Bank of New Zealand stated that bank lending restrictions will be imposed (reducing the likelihood of interest rate increases) the ‘Kiwi’ plummeted against its rivals. The South Pacific asset is heading for its most significant decline against the US Dollar for six weeks.

NZD/GBP is trading in the region of 0.5099, NZD/EUR is trading in the region of 0.5981 and NZD/USD is trading in the region of 0.7960

Canadian Dollar

Prior to the release of this week’s influential Canadian data, retail sales and inflation figures, the ‘Loonie’ was trading in a tight range against its US counterpart. The commodity-driven asset could experience modest movement following the release of Canadian wholesale sales figures.

CAD/GBP is trading in the region of 0.6172, CAD/EUR is trading in the region of 0.7243 and CAD/USD is trading in the region of 0.9653

These exchange rates were correct as of 9:10 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.