After strengthening modestly yesterday on the back of better than forecast UK retail sales figures the Pound was little changed against its main competitors this morning. The publication of a domestic public finances report, which economists are expecting will show a narrowing of Britain’s public deficit, could inspire Sterling movement in the hours ahead.
GBP/EUR is trading in the region of 1.1710 and GBP/USD is trading in the region of 1.5487
During local trade the US Dollar continued to advance on the Yen. The safe-haven currency is in-line to post a five-day gain against all of its biggest currency rivals after being bolstered earlier this week by the Federal Reserve’s comments regarding US stimulus. An absence of pertinent US or global news is likely to leave the ‘Greenback’ fairly static as we head into the weekend.
USD/GBP is trading in the region of 0.6457 and USD/EUR is trading in the region of 0.7564
Despite the US Dollar remaining largely bullish the Euro was able to post a modest advance on its safe-haven peer as the European session opened. The common currency was also trading slightly stronger against the Pound. With global economic news a little thin on the ground today additional Euro movement may be limited.
EUR/GBP is trading in the region of 0.8537 and EUR/USD is trading in the region of 1.3222
After dropping to a three-year low against the US Dollar yesterday on the strength of disappointing manufacturing data from China, the ‘Aussie’ was able to recoup some losses as a technical indicator raised concerns that the currency’s decline was too rapid. The Australian Dollar is still poised to a record a 3.6 per cent weekly decline against its US counterpart.
AUD/GBP is trading in the region of 0.5959, AUD/EUR is trading in the region of 0.6978 and AUD/USD is trading in the region of 0.9223
New Zealand Dollar
With less-than-impressive domestic and Chinese news continuing to weigh on the New Zealand Dollar, the currency experienced its most significant five-day slide against the ‘Greenback’ since November 2011. The ‘Kiwi’ climbed slightly against the US Dollar during local trade, but gains were minimal before the weekend.
NZD/GBP is trading in the region of 0.5019, NZD/EUR is trading in the region of 0.5872 and NZD/USD is trading in the region of 0.7764
Ahead of the release of today’s influential Canadian data, including CPI and retail sales, the Canadian Dollar was little changed against its US rival. Yesterday the commodity driven currency declined by the most for over two months as the market continued to feel the repercussions of the Federal Reserve’s most recent policy statement.
CAD/GBP is trading in the region of 0.6221, CAD/EUR is trading in the region of 0.7289 and CAD/USD is trading in the region of 0.9637
These exchange rates were correct as of 9:20 am