The Pound was within touching distance of a month-high against the Euro

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Pound Sterling

Prior to the release of the European Central Bank’s monthly report, the Pound was within touching distance of a month-high against the Euro. The British currency was also edging towards a seven-week high against the US Dollar on the strength of yesterday’s Bank of England inflation report and the assertion that UK inflation might not hit its 2 per cent target until the close of 2015.

GBP/EUR is trading in the region of 1.1600 and GBP/USD is trading in the region of 1.5492

US Dollar

Overnight the US Dollar weakened against the Euro, Pound, Yen and ‘Aussie’ as better-than-expected Chinese trade data boosted risk appetite and encouraged investors to turn to higher risk assets. Today’s US initial jobless claims report could inspire ‘Greenback’ movement if it exceeds or fails to meet estimates.

USD/GBP is trading in the region of 0.6452 and USD/EUR is trading in the region of 0.7488

Euro

With data showing that German exports exceeded German imports by more than expected, the Euro was able to brush a seven-week high against the US Dollar ahead of the release of the European Central Bank’s monthly report. However, the common currency retained yesterday’s decline against the Pound.

EUR/GBP is trading in the region of 0.8621 and EUR/USD is trading in the region of 1.3356

Australian Dollar

In spite of some less-than-impressive domestic employment data, the ‘Aussie’ was able to advance to its highest level this month against the US Dollar during the local session. The South Pacific currency was supported by stronger than forecast trade balance data for China, Australia’s largest trading partner. The ‘Aussie’ also strengthened against the Pound and Euro.

AUD/GBP is trading in the region of 0.5847, AUD/EUR is trading in the region of 0.6786 and AUD/USD is trading in the region of 0.9065

New Zealand Dollar

Unexpectedly strong trade data for China bolstered the currencies of export-driven nations like New Zealand during the Australasian session. The ‘Kiwi’ extended gains against the US Dollar and held steady against the Euro and Pound.

NZD/GBP is trading in the region of 0.5144, NZD/EUR is trading in the region of 0.5977 and NZD/USD is trading in the region of 0.7973

Canadian Dollar

A worse-than-expected domestic building permit report and Ivey Purchasing Managers Index saw the ‘Loonie’ soften against the majority of its most traded peers and hit an almost month-low against the US Dollar. While US initial jobless claims will be of interest, investors will also be focusing on today’s Canadian new housing price index.

CAD/GBP is trading in the region of 0.6200, CAD/EUR is trading in the region of 0.7190 and CAD/USD is trading in the region of 0.9604

These exchange rates were correct as of 9:10 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.