After declining against both the US Dollar and Euro last week the Pound began the European session little changed against its main rivals. The British currency was unaffected by a report showing that UK home sellers raised asking prices to record levels this month and speculation that Ernst & Young Item Club will be raising its growth projections for the UK. Sterling is likely to hold steady against its peers prior to the publication of minutes from the Bank of England’s latest policy meeting and UK inflation data.
GBP/EUR is trading in the region of 1.1559 and GBP/USD is trading in the region of 1.5089
The expectation that today’s advance US retail sales figures will show a 0.7 per cent gain in June helped the US Dollar extend gains against the Euro and Yen. It today’s report meets or exceeds expectations, and so supports the case for the Federal Reserve tapering easing, the safe-haven currency could climb further.
USD/GBP is trading in the region of 0.6622 and USD/EUR is trading in the region of 0.7660
The prospect of positive US retail sales news, coupled with an absence of pertinent economic data for the Eurozone, saw the Euro falter slightly against the US Dollar this morning. The common currency was little changed against the Pound, but with UK and Eurozone inflation figures due out tomorrow the pairing is likely to experience volatility.
EUR/GBP is trading in the region of 0.8646 and EUR/USD is trading in the region of 1.3052
As the Chinese economy was shown to have grown by 7.5 per cent in the second quarter (in line with economists’ predictions) the commodity-driven ‘Aussie’ advanced on its peers. The Australian Dollar climbed to 90.89 US cents but is expected to fluctuate further after the minutes from the Reserve Bank of Australia’s July meeting are released at 02:30 GMT.
AUD/GBP is trading in the region of 0.6028, AUD/EUR is trading in the region of 0.6975 and AUD/USD is trading in the region of 0.9100
New Zealand Dollar
Positive growth news from China helped the New Zealand Dollar advance on its US peer during local trade ahead of the publication of retail sales figures for the North American nation. ‘Kiwi’ gains were limited as New Zealand’s performance of services index slipped from a negatively revised 56 to 55 in June.
NZD/GBP is trading in the region of 0.5173, NZD/EUR is trading in the region of 0.5956 and NZD/USD is trading in the region of 0.7813
The Canadian Dollar slipped against its US counterpart at the close of last week but managed to advance on a broadly softer Pound. Today significant CAD/USD movement can be expected due to the release of US retail sales and Canadian existing home sales data.
CAD/GBP is trading in the region of 0.6377, CAD/EUR is trading in the region of 0.7372 and CAD/USD is trading in the region of 0.9619
These exchange rates were correct as of 9:15 am