The Pound extended recent gains

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Pound Sterling

The Pound extended recent gains yesterday as Nationwide building society issued a report revealing that UK home prices surged by the most for 18 months and Lloyd’s business barometer jumped from 27 to 39. With the US Dollar broadly softening Sterling was able to achieve a week-high against its rival, and was little changed this morning ahead of the publication of UK mortgage data.

GBP/EUR is trading in the region of 1.1669 and GBP/USD is trading in the region of 1.5211

US Dollar

With US first quarter GDP failing to match up with initial estimates the US Dollar slipped against its rivals, falling to a three-week low against the Euro before the close of local trade. Several pieces of domestic data, including personal spending figures, could inspire further ‘Greenback’ movement in the hours ahead.

USD/GBP is trading in the region of 0.6569 and USD/EUR is trading in the region of 0.7675

Euro

With Consumer/Economic/Services and Industrial Confidence data for the Eurozone all showing the improvement expected by economists the Euro was able to consolidate recent gains against its US rival. Additional advances were made as US GDP data disappointed, causing Dollar losses. As the European session progresses today Euro volatility could occur in response to unemployment and CPI figures for the Eurozone.

EUR/GBP is trading in the region of 0.8569 and EUR/USD is trading in the region of 1.3032

Australian Dollar

The ‘Aussie’ is poised for its largest monthly decline against the US Dollar for more than two-years. This week the currency has been adversely affected by several factors, such as China (Australia’s main trading partner) having its growth forecast cut. The expectation that next week’s domestic GDP figures will disappoint is also taking a toll.

AUD/GBP is trading in the region of 0.6335, AUD/EUR is trading in the region of 0.7385 and AUD/USD is trading in the region of 0.9635

New Zealand Dollar

With business confidence in New Zealand leaping from 32.3 to 41.8 in May the ‘Kiwi’ was able to climb against its US and Australian counterparts during local trade. Gains were aided by data showing smaller-than-forecast economic expansion in the US, which triggered widespread ‘Greenback’ declines.

NZD/GBP is trading in the region of 0.5310, NZD/EUR is trading in the region of 0.6203 and NZD/USD is trading in the region of 0.8091

Canadian Dollar

A more significant than expected decline in Canada’s current account deficit and disappointing US data allowed the ‘Loonie’ to gain on its US counterpart during local trade. Today’s Canadian GDP figures are likely to cause more fluctuations in the commodity-driven currency as we head into the weekend.

CAD/GBP is trading in the region of 0.6375, CAD/EUR is trading in the region of 0.7438 and CAD/USD is trading in the region of 0.9693

These exchange rates were correct as of 8:50 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.