21st January 2014

AUD Surges, GBP/EUR Higher


Pound Sterling

Euro to Pound

Ahead of the release of today’s influential employment data for the UK the Pound was trading within brushing distance of a one-year high against the Euro.

Although Sterling was little-changed against the US Dollar, the British currency could advance if the UK unemployment rate declines as expected.

GBP/EUR is trading in the region of 1.2155 and GBP/USD is trading in the region of 1.6455

US Dollar

While the US Dollar strengthened against a broadly softening Yen the safe-haven currency slipped against a strengthening ‘Aussie’ during South Pacific trading. Although US news is lacking again today developments in the UK, Canada and Japan could have an impact on the ‘Greenback’ in the hours ahead.

USD/GBP is trading in the region of 0.6075 and USD/EUR is trading in the region of 0.7378

Euro

Expectations for an upbeat UK employment report saw the Euro drop to an almost one-year low against its British rival. The common currency was trading in a fairly narrow range against the US Dollar ahead of tomorrow’s important Eurozone and German services/manufacturing PMI.

EUR/GBP is trading in the region of 0.8227 and EUR/USD is trading in the region of 1.3540

Australian Dollar

Surprising Australian inflation data helped the ‘Aussie’ surge against its major rivals overnight and the commodity-driven asset rallied notably against its US counterpart. Although a measure of Australian consumer confidence declined, the odds of an RBA rate cut fell and the Australian Dollar was supported.

AUD/GBP is trading in the region of 0.5395, AUD/EUR is trading in the region of 0.6553 and AUD/USD is trading in the region of 0.8876

New Zealand Dollar

The ‘Kiwi’ slid against its Australian peer as investors trimmed bets for an RBA interest rate cut occurring this year. The New Zealand Dollar was also struggling against the Pound ahead of the release of UK employment data. However, New Zealand’s performance of manufacturing index could help the asset recover ground later today.

NZD/GBP is trading in the region of 0.5058, NZD/EUR is trading in the region of 0.6148 and NZD/USD is trading in the region of 0.8325

Canadian Dollar

Less-than-impressive Canadian wholesale sales data piled pressure on the ‘Loonie’ yesterday. The Canadian currency was already feeling the heat as a result of speculation surrounding the possibility of the Bank of Canada adopting a dovish stance at today’s policy meeting.

CAD/GBP is trading in the region of 0.5542, CAD/EUR is trading in the region of 0.6736 and CAD/USD is trading in the region of 0.9119

These exchange rates were correct as of 9:25 am


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