The Pound hovered close to a six-week high against the Euro

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Pound Sterling

The Pound hovered close to a six-week high against the Euro and was largely unchanged against the US Dollar prior to the release of UK manufacturing PMI. The PMI report showed a slight improvement, as the index climbed from 47.9 to 48.3, but still marks a second month of contraction in the sector and is less than the 48.5 predicted by economists. This result could see Sterling experience movement in the hours ahead.

The Pound is presently trading against the Euro in the region of 1.1865 and is trading against the US Dollar in the region of 1.5142

US Dollar

Weaker-than-forecast US manufacturing data and rising speculation regarding the outcome of this week’s Bank of Japan policy meeting led to the US Dollar dropping against a strengthening Yen. The ‘Greenback’ is trading in the region of 92.88 Yen, close to a five-week low.

The US Dollar is presently trading against the Pound in the region of 0.6567 and is trading against the Euro in the region of 0.7782

Euro

The Euro lost ground against several of its main currency rivals as manufacturing PMI for the Eurozone fell from 47.9 to 46.8, renewing concerns of a deepening downturn in the currency bloc. The common currency slumped to a five-week low against the safe-haven Yen as economists forecast that the Eurozone’s unemployment rate would reach a record high of 12 per cent.
The Euro is presently trading against the Pound in the region of 0.8433 and is trading against the US Dollar in the region of 1.2848

Australian Dollar

The ‘Aussie’ enjoyed widespread gains following the Reserve Bank of Australia’s rate decision. The central bank opted to refrain from altering its key benchmark rate and issued some positive comments regarding the ‘expansionary effect’ the Australian economy is experiencing.

The Australian Dollar is presently trading against the Pound in the region of 0.6863, is trading against the Euro in the region of 0.8137 and is trading against the US Dollar in the region of 1.0450

New Zealand Dollar

The ‘Kiwi’ rose against several of its most traded peers following the RBA’s decision to hold rates. Reports showing an increase in the prices of milk powder and locally produced raw materials also had an impact on the South Pacific currency.
The New Zealand Dollar is presently trading against the Pound in the region of 0.5508, is trading against the Euro in the region of 0.6524 and is trading against the US Dollar in the region of 0.8403

Canadian Dollar

After US manufacturing data failed to meet expectations (renewing concerns regarding the stability of the world’s largest economy) the Canadian Dollar fluctuated. The commodity-driven currency then gained against its US counterpart as economists anticipated a second month of positive jobs data for Canada. The nation’s employment figures are due for release on Friday and are likely to inspire notable movement.

The Canadian Dollar is presently trading against the Pound in the region of 0.6467, is trading against the Euro in the region of 0.7667 and is trading against the US Dollar in the region of 0.9854
These exchange rates were correct as of 9:31 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.