The Pound rose to a two-month high

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Pound Sterling

The Pound rose to a two-month high against the Euro yesterday after risk aversion saw the common-currency weaken. Today the reopening of banks in Cyprus is likely to be the main cause of market movement. Depending on how the populace reacts to regaining limited access to their money Sterling could record additional gains against the Euro 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

The safe-haven US Dollar advanced on most of its riskier-rivals as several factors turned investors away from more temperamental assets. The ongoing fiscal situation in Cyprus and the uncertain political situation in Italy are likely to continue weighing heavily on the market today; any negative developments could allow the ‘Greenback’ to record further gains.

The US Dollar is presently trading against the Pound in the region of 0.6604 and is trading against the Euro in the region of 0.7834

Euro

An unexpected increase in German retail sales allowed the Euro to climb against the US Dollar this morning. However, its advance was modest, limited by the continuing dramas in Eurozone members Cyprus and Italy. The reopening of Cypriot banks this morning is likely to be the main cause of volatility in the hours ahead.

The Euro is presently trading against the Pound in the region of 0.8426 and is trading against the US Dollar in the region of 1.2761

Australian Dollar

The Australian Dollar dropped from close to a two-month high against its American counterpart as Chinese stocks fell and Eurozone concerns pushed investors towards safe-haven assets. Developments in the 17-nation currency bloc could inspire additional ‘Aussie’ movement before the markets close for the Easter break.

The Australian Dollar is presently trading against the Pound in the region of 0.6881, is trading against the Euro in the region of 0.8154 and is trading against the US Dollar in the region of 1.0436

New Zealand Dollar

Declining Chinese stocks and a bearish market caused the ‘Kiwi’ to decline against the safe-haven Yen and post losses against several of its main currency rivals. The New Zealand Dollar was largely unchanged against its American counterpart before Cyprus’ banks reopened at 10:00 am GMT.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5532, is trading against the Euro in the region of 0.6541 and is trading against the US Dollar in the region of 0.8375

Canadian Dollar

A significantly stronger-than-forecast Canadian CPI figure caused the ‘Loonie’ to surge to a month high against the US Dollar yesterday. The commodity-driven currency also advanced on the majority of its other most traded peers. However, as European issues exacerbated risk-aversion the Canadian Dollar fluctuated, losing some of the ground recently regained against its US cousin.

The Canadian Dollar is presently trading against the Pound in the region of 0.6498, is trading against the Euro in the region of 0.7712 and is trading against the US Dollar in the region of 0.9842

These exchange rates were correct as of 9:39 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.