With UK employment figures due out this morning the Pound was little changed against both the US Dollar and the Euro. Economists are expecting that the employment report will show that jobless claims declined in May, and that the employment rate held at 7.8 per cent in the three months through April. A surprising result could lead to Pound fluctuations.
GBP/EUR is trading in the region of 1.1755 and GBP/USD is trading in the region of 1.5668
Concerns that the Yen’s recent, significant advance against the US Dollar occurred too rapidly allowed the ‘Greenback’ to advance on its Asian rival during local trade. The safe-haven US currency was also supported by the expectation that tomorrow’s US retail sales report will show that sales rose by the most for three months.
USD/GBP is trading in the region of 0.6383 and USD/EUR is trading in the region of 0.7501
The Euro pushed above 1.33 against the US Dollar, a 3 ½ month high, as the odds of the European Central Bank issuing an additional rate cut declined. Demand for the common currency was also bolstered by speculation regarding ECB executive board member Benoit Coeure’s speech, which will take place later today in Berlin.
EUR/GBP is trading in the region of 0.8508 and EUR/USD is trading in the region of 1.3323
After dropping to a three-year low yesterday, on the back of disappointing domestic data and global economic developments, the ‘Aussie’ experienced a rebound as a technical indicator hinted at the currency being oversold. The Australian Dollar was also boosted by a report showing recovery in the nation’s consumer confidence.
AUD/GBP is trading in the region of 0.6078, AUD/EUR is trading in the region of 0.7144 and AUD/USD is trading in the region of 0.9522
New Zealand Dollar
Ahead of the Reserve Bank of New Zealand’s rate decision, which takes place at 22:00 GMT, the ‘Kiwi’ climbed against several of its most traded peers – notably strengthening against the US Dollar. Economists are expecting the central bank to hold the official cash rate at the record low of 2.5 per cent.
NZD/GBP is trading in the region of 0.5033, NZD/EUR is trading in the region of 0.5925 and NZD/USD is trading in the region of 0.7891
Although the ‘Loonie’ dipped against the US Dollar during local trade as commodities like crude oil declined, the currency was later able to achieve close to a 3 year high against the Australian Dollar as positive Canadian data continued to improve the nation’s economic outlook. While this afternoon’s Canadian data releases are of low volatility, the ‘Loonie’ could still experience movement in response to news from the US and Eurozone.
CAD/GBP is trading in the region of 0.6277, CAD/EUR is trading in the region of 0.7377 and CAD/USD is trading in the region of 0.9828
These exchange rates were correct as of 9:10 am