24th January 2014

Canadian Dollar in focus before CPI


Pound Sterling

Dollar currency news

Ahead of the release of UK home loans figures the Pound was in-line to post a five day gain against the US Dollar. As the report revealed that loans increased by less-than-forecast Sterling could experience moderate movement.

GBP/EUR is trading in the region of 1.2166 and GBP/USD is trading in the region of 1.6627

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

US Dollar

Speculation that the Federal Reserve will announce the further tapering of stimulus when it meets next week supported the US Dollar overnight and helped the ‘Greenback’ advance on several of its major peers in spite of yesterday’s disappointing US Markit PMI.

USD/GBP is trading in the region of 0.6008 and USD/EUR is trading in the region of 0.7317

Euro

Upbeat manufacturing and services reports for the Eurozone’s largest economies buoyed the Euro yesterday and helped the common currency post widespread gains. With a heavy news week coming up the Euro is likely to close the week trading in a fairly narrow range.

EUR/GBP is trading in the region of 0.8222 and EUR/USD is trading in the region of 1.3673

Australian Dollar

Ongoing Chinese concerns and RBA rate cut fears pressured the ‘Aussie’ overnight and left the commodity-driven asset weaker against its main rivals. If next week’s Australian data indicates that the central bank will need to introduce a rate cut to support the local economy the South Pacific currency could fall further.

AUD/GBP is trading in the region of 0.5217, AUD/EUR is trading in the region of 0.6356 and AUD/USD is trading in the region of 0.8685

New Zealand Dollar

Ahead of next week’ Reserve Bank of Australia rate decision the ‘Kiwi’ was trapped in a bearish relationship with its major currency rivals. The New Zealand Dollar was also adversely affected by a disappointing local card spending report.

NZD/GBP is trading in the region of 0.4957, NZD/EUR is trading in the region of 0.6054 and NZD/USD is trading in the region of 0.8261

Canadian Dollar

Significant ‘Loonie’ volatility can be expected to occur today in response to Canadian inflation data. As consumer price concerns could prompt the Bank of Canada to cut borrowing rates in the near future a surprising result could have a dramatic effect on the CAD/USD exchange rate.

CAD/GBP is trading in the region of 0.5419, CAD/EUR is trading in the region of 0.6588 and CAD/USD is trading in the region of 0.9009

These exchange rates were correct as of 9:45 am


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