The Pound dropped to a two-week low against a broadly strengthening US Dollar ahead of the release of UK trade data. Sterling also slipped against the Euro, despite economists forecasting that the report will show that the UK’s trade deficit narrowed modestly in March. Also of interest today is UK construction output data.
GBP/EUR is trading in the region of 1.1851 and GBP/USD is trading in the region of 1.5435
As US jobless claims fell to a five-year low the US Dollar strengthened against its most traded peers. Japanese data then allowed the ‘Greenback’ to achieve over 101 Yen per Dollar. The most significant pieces of US economic news for the day include Federal Reserve Chairman Ben Bernanke’s Chicago conference and the nation’s Monthly Budget Statement.
USD/GBP is trading in the region of 0.6480 and USD/EUR is trading in the region of 0.7682
With the US Dollar supported by positive jobless claims figures, the Euro edged down to 1.3020 against its major rival on Thursday. As the European session began the common currency was holding steady. Today’s Italian asset sale and ECB 3-year LTRO repayment announcement could be responsible for Euro movement.
EUR/GBP is trading in the region of 0.8441 and EUR/USD is trading in the region of 1.3020
As the Australian central bank lowered its inflation forecast following its rate cut the ‘Aussie’ fell close to parity with the US Dollar and dropped against several of its other rivals. The Australian Dollar is now in line to record a 2.5 per cent 5-day decline against the ‘Greenback’.
AUD/GBP is trading in the region of 0.6520, AUD/EUR is trading in the region of 0.7714 and AUD/USD is trading in the region of 1.0058
New Zealand Dollar
Despite gaining on its counterparts in the wake of better-than-forecast employment data earlier this week, the New Zealand Dollar is poised for its biggest 5-day decline against the ‘Greenback’ this year. The ‘Kiwi’ slumped against the US Dollar during local trade as the latter currency enjoyed a widespread rally.
NZD/GBP is trading in the region of 0.5413, NZD/EUR is trading in the region of 0.6425 and NZD/USD is trading in the region of 0.8350
Better-than-anticipated initial jobless claims data for the US and broad buying of the ‘Greenback’ led to the ‘Loonie’ losing ground against its American counterpart during local trade. The currency is likely to experience significant fluctuations in the hours ahead in response to Canadian employment figures.
CAD/GBP is trading in the region of 0.6428, CAD/EUR is trading in the region of 0.7620 and CAD/USD is trading in the region of 0.9911
These exchange rates were correct as of 9:00 am