The Pound experienced a slight rebound

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Pound Sterling

After hitting a seven month low against the US Dollar yesterday the Pound experienced a slight rebound prior to the release of tomorrow’s UK employment report. With economists expecting the report to show UK employment claims dropping for a third consecutive month in January Sterling was also able to post a modest gain on the Euro. Movement in the British currency is most likely to occur today in response to developments in the Eurozone due to a lack of UK news.

The Pound is presently trading against the Euro in the region of 1.1603 and is trading against the US Dollar in the region of 1.5495

US Dollar

Movement in the US Dollar was tempered yesterday as American markets closed for a national holiday. However, the ‘Greenback’ was able to modestly advance on the Japanese Yen and British Pound as both currencies broadly softened. With little significant US economic news on the cards for today investors will be looking ahead to Wednesday’s PPI and housing starts data.

The US Dollar is presently trading against the Pound in the region of 0.6453 and is trading against the Euro in the region of 0.7488

Euro

With the US national holiday restraining market movement yesterday the Euro’s fluctuations were limited, although the common currency was able to climb on the Japanese Yen as the safe-haven currency weakened in response to the G-20 statement. The Euro is in line for volatility today however as the German and Eurozone ZEW economic sentiment surveys are released.

The Euro is presently trading against the Pound in the region of 0.8617 and is trading against the US Dollar in the region of 1.3354

Australian Dollar

The ‘Aussie’ broke free from a recent run of declines and gained on several of its most traded peers, including its New Zealand counterpart, as the Reserve Bank of Australia announced that the prices of many commodities have benefited from the improved global economic outlook. However, this situation could be swiftly reversed if today’s Australian conference board leading index increases the odds of a rate cut.

The Australian Dollar is presently trading against the Pound in the region of 0.6673, is trading against the Euro in the region of 0.7743 and is trading against the US Dollar in the region of 1.0326

New Zealand Dollar

The news that China has destroyed milk powder imported from New Zealand caused the ‘Kiwi’ to fall by 0.5 per cent against the Japanese Yen and lose ground against its US and Australian counterparts. However, the currency was able to pare its declines after it emerged that the product had been destroyed due to faulty labelling and not substandard content. In the hours ahead New Zealand producer price output/input data and global economic developments could cause movement in the South Pacific Dollar.

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 0.6337 and is trading against the US Dollar in the region of 0.8434

Canadian Dollar

The ‘Loonie’ was fairly static yesterday with global economic news limited and American markets closed for President’s Day. Although Bank of Canada Governor Mark Carney released some optimistic statements regarding the current status of the Canadian economy, industry experts will be waiting for the nation’s most volatile data releases (to be published on Friday) to see whether signs of a slowdown continue.

The Canadian Dollar is presently trading against the Pound in the region of 0.6383, is trading against the Euro in the region of 0.7410 and is trading against the US Dollar in the region of 0.9893

These exchange rates were correct as of 9:18 am

Laura Barrett
This post was written by
Laura moved from the US to the UK several years ago. As a corporate sales executive for a leading foreign exchange company, Laura has expert knowledge of currency movements and market trends and is able to offer specialist guidance regarding making a trade at the most lucrative time and protecting transactions from currency risk.