The Pound was little changed this morning after hitting a two-week low against the US Dollar

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Pound Sterling

The Pound was little changed this morning after hitting a two-week low against the US Dollar on the back of disappointing UK data. Yesterday UK manufacturing was shown to have contracted by more than anticipated, while a report published this morning revealed that UK shop-price inflation accelerated in March. This morning’s construction PMI, which showed that construction output declined at a slower pace last month, could trigger additional Pound movement.

The Pound is presently trading against the Euro in the region of 1.1801 and is trading against the US Dollar in the region of 1.5108

US Dollar

The US Dollar was little changed against the Japanese Yen during local trade as the anticipation of this week’s two-day Bank of Japan policy meeting keeps USD/JPY trading in the region of a five-week low. The aftermath of the policy meeting is likely to cause significant movement in the pairing, but the US Dollar could also fluctuate following the release of Friday’s US non-farm payrolls data.

The US Dollar is presently trading against the Pound in the region of 0.6618 and is trading against the Euro in the region of 0.7814

Euro

With unemployment in the Eurozone now at a record high of 12 per cent investors are looking ahead to tomorrow’s European Central Bank rate decision with interest. If this morning’s CPI estimate for the Eurozone adds to the currency bloc’s recent stream of disappointing data releases the Euro could post additional declines in the hours ahead.

The Euro is presently trading against the Pound in the region of 0.8474 and is trading against the US Dollar in the region of 1.2802

Australian Dollar

The ‘Aussie’ retained gains made against the US Dollar during local trade, supported by the RBA’s decision to hold rates and positive Chinese manufacturing data. The South Pacific currency made modest additional advances after Australia’s trade deficit was shown to have narrowed by more than anticipated.

The Australian Dollar is presently trading against the Pound in the region of 0.6932, is trading against the Euro in the region of 0.8176 and is trading against the US Dollar in the region of 1.0463

New Zealand Dollar

With investors attention focused on the Bank of England and European Central Bank policy meetings the ‘Kiwi’ was able to hold on to gains previously made against the Euro and British Pound. A lack of influential economic news for New Zealand means that movement in the nation’s Dollar is likely to occur in response to global developments.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5575, is trading against the Euro in the region of 0.6535 and is trading against the US Dollar in the region of 0.8427

Canadian Dollar

The ‘Loonie’ continued to trade in the region of a five-week high against its US counterpart after the commodity-driven currency was supported by a better-than-forecast Chinese manufacturing report. Movement in the Canadian Dollar may be limited until the end of the week, as Friday’s Canadian employment figures are likely to inspire notable fluctuations.

The Canadian Dollar is presently trading against the Pound in the region of 0.6533, is trading against the Euro in the region of 0.7702 and is trading against the US Dollar in the region of 0.9859

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.