The Pound has risen

Pound Sterling

The Pound has risen in line with increasing optimism surrounding UK economic recovery, moving towards its first weekly gain against its US counterpart for over a month. Better-than-forecast UK GDP meant that Sterling was also able to edge closer to a five-day gain against the Euro. In the hours ahead the currency could see movement following the release of UK Land Registry House Prices for September.
The Pound is presently trading against the Euro in the region of 1.2463 and is trading against the US Dollar in the region of 1.6114

US Dollar

The US Dollar broadly strengthened on the back of another batch of positive American economic data. Core Durable Goods Orders and Unemployment Claims figures exceeded expectations and allowed the ‘Greenback’ to move higher against its safe-haven rival the Japanese Yen. The US Dollar did lose ground against Sterling however after upbeat developments in the UK gave the British currency a boost. Of course the key piece of US data to watch out for today is the nation’s advance third quarter GDP figure. Although a 1.9 per cent gain is forecast if the figure comes in higher-than-expected the US Dollar could continue its bullish trend.
The US Dollar is presently trading against the Pound in the region of 0.6206 and is trading against the Euro in the region of 0.7732

Euro

After a positive start the Euro broadly softened as trade wore on yesterday. Worrying Eurozone indicators and a continuing lack of resolution in Spain and Greece saw the common currency recording losses against several of its main peers. Meanwhile, better-than-expected UK GDP figures knocked the Euro back further against the Pound. Fluctuation could occur today if the US GDP data should exceed economist’s forecasts, a particularly strong number could serve to bolster investor confidence in global recovery and heighten interest in higher risk assets.
The Euro is presently trading against the Pound in the region of 0.8029 and is trading against the US Dollar in the region of 1.2933

Australian Dollar

The defensive stance adopted by investors preparing for the release of US third quarter GDP figures wore on the Australian Dollar, causing it to slide against several of its largest rivals. Weaker earnings than forecast for technology colossus Apple contributed to the ‘Aussie’s’ negative turn. With no Australian data releases scheduled for today volatility in the currency will be the result of developments in the US.
The Australian Dollar is presently trading against the Pound in the region of 0.6407, is trading against the Euro in the region of 0.7977 and is trading against the US Dollar in the region of 1.0321

New Zealand Dollar

Wednesday’s rate announcement by the Reserve Bank of New Zealand kept the currency higher at the close of this week then it began, despite reports detailing that the South Pacific nation’s annual trade deficit widened. Dropping dairy shipments and a broadly strengthening currency led to a near two-year low in exports and the widest trade deficit for three years. Although the ‘Kiwi’ remained largely unchanged against several of its rivals it posted losses against a bullish US Dollar and a boosted British Pound.
The New Zealand Dollar is presently trading against the Pound in the region of 0.5079, is trading against the Euro in the region of 0.6329 and is trading against the US Dollar in the region of 0.8181

Canadian Dollar

The Canadian Dollar closed trade slightly higher on Thursday after oil priced rose after five days of losses. The British Pound’s gains against the US Dollar also lent support to the ‘Loonie’. However, the Canadian Dollar’s advance against its neighbouring currency was short lived as the publicising of fairly optimistic US economic indicators allowed the ‘Greenback’ to turn bullish. Movement in the ‘Loonie’ could be on the cards if US third quarter GDP disappoints.
The Canadian Dollar is presently trading against the Pound in the region of 0.6237, is trading against the Euro in the region of 0.7772 and is trading against the US Dollar in the region of 1.0049

 

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.