The Pound fell to a two-week low

foreign_exchange_rates

Pound Sterling

The Pound fell to a two-week low against the Euro this morning prior to the release of UK industrial/manufacturing production data. Economists are expecting both sectors to have recorded a modest increase, but if the figures should disappoint Sterling could continue to slide as the day progresses. Also of interest is this afternoon’s NIESR GDP estimate for March.

The Pound is presently trading against the Euro in the region of 1.1726 and is trading against the US Dollar in the region of 1.5264

US Dollar

The US Dollar declined against several of its most traded peers during local trade after Ben Bernanke, Chairman of the Federal Reserve, stressed that persistent weaknesses in the US economy will keep quantitative easing in place in the months ahead. The next piece of volatile US data, minutes from the most recent FOMC meeting, is due for release tomorrow.

The US Dollar is presently trading against the Pound in the region of 0.6557 and is trading against the Euro in the region of 0.7686

Euro

As the US Dollar dropped following Fed Chairman Ben Bernanke’s comments regarding the recovery of the world’s largest economy the Euro was able to gain, achieving a 3 ½ week high against its safe-haven counterpart. This morning reports have shown that while Germany’s trade surplus expanded in January the nation’s exports declined by more-than-forecast in February.

The Euro is presently trading against the Pound in the region of 0.8531 and is trading against the US Dollar in the region of 1.3015

Australian Dollar

Although a gauge of Australian business conditions fell to minus 7 from minus 3 last month, an index of business confidence rose from 1 to 2. Meanwhile developments in the US allowed the ‘Aussie’ to gain. The South Pacific currency advanced on the US Dollar and hit a 4 ½ year high against the Japanese Yen during local trade.

The Australian Dollar is presently trading against the Pound in the region of 0.6831, is trading against the Euro in the region of 0.8004 and is trading against the US Dollar in the region of 1.0416

New Zealand Dollar

The ‘Kiwi’ rose to a six-week high against its American counterpart after a report of New Zealand’s home prices showed the most significant increase for 4 years. Home prices rose by 6.5 per cent in March compared with a year earlier. Later today New Zealand’s Card Spending figures could trigger additional ‘Kiwi’ movement.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5558, is trading against the Euro in the region of 0.6493 and is trading against the US Dollar in the region of 0.8480

Canadian Dollar

The Canadian Dollar continues to trade lower against its American counterpart following the release of a pessimistic business outlook survey for the commodity-driven nation. Although the ‘Loonie’ was able to recoup some losses against the ‘Greenback’ after the latter currency broadly declined, today’s Canadian Housing Starts and Building Permits figures could cause additional losses in the Canadian Dollar if they fail to live up to expectations.

The Canadian Dollar is presently trading against the Pound in the region of 0.6444, is trading against the Euro in the region of 0.7557 and is trading against the US Dollar in the region of 0.9836

These exchange rates were correct as of 9:20 am

Richard Martin
This post was written by
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.