As the future King of England is prepared for his first taste of the UK press, the Pound continues to push above 1.5350 against the US Dollar. Expectations that this week’s UK GDP data will show expansion of 0.6 per cent in the second quarter of the year is keeping the British currency supported against peers including the US Dollar and Euro. However, the Pound did slip against bolstered commodity-driven currencies like the New Zealand and Australian Dollars.
GBP/EUR is trading in the region of 1.1645 and GBP/USD is trading in the region of 1.5374
The ‘Greenback’ retained its recent decline against the Yen as disappointing US housing data supported the argument for maintaining US quantitative easing for the foreseeable future. The safe-haven US Dollar also dipped against the Euro and Pound overnight. Additional ‘Greenback’ movement could occur in response to today’s US house price index.
USD/GBP is trading in the region of 0.6504 and USD/EUR is trading in the region of 0.7573
As the European session opened the Euro continued to trade strongly against the US Dollar after advancing yesterday on the strength of less-than-impressive US housing data. The Euro/Pound pairing remains pressured ahead of UK GDP figures, due for publication on Thursday. Today Euro movement could result from the release of a consumer confidence index for the Eurozone.
EUR/GBP is trading in the region of 0.8589 and EUR/USD is trading in the region of 1.3205
With commodity prices rising and stability returning to the market the ‘Aussie’ was able to extend gains during the Australasian session. Fluctuations in the South Pacific currency may be limited ahead of tomorrow’s Australian consumer price data and China’s flash manufacturing PMI.
AUD/GBP is trading in the region of 0.6029, AUD/EUR is trading in the region of 0.7021 and AUD/USD is trading in the region of 0.9271
New Zealand Dollar
Overnight the ‘Kiwi’ was able to consolidate recent gains against peers including the US Dollar as gold prices hit a month high. A measure of volatility for the New Zealand Dollar also hit its lowest level since May. However, trade balance data for New Zealand, due for release today at 23:45 GMT, will be of interest.
NZD/GBP is trading in the region of 0.5207, NZD/EUR is trading in the region of 0.6060 and NZD/USD is trading in the region of 0.8003
The expectation that today’s Canadian retail sales data will show expansion of 0.4 per cent supported the ‘Loonie’ during local trade. Canada’s commodity driven currency was able to brush a month-high against the US Dollar and advance on several of its other most traded peers.
CAD/GBP is trading in the region of 0.6304, CAD/EUR is trading in the region of 0.7339 and CAD/USD is trading in the region of 0.9692
These exchange rates were correct as of 9:10 am