14th March 2014

Crimea Referendum Boosts JPY & USD


Pound Sterling

Euro to Pound

With UK exports falling to their lowest level for 18 months and the nation’s goods trade deficit widening, the Pound came under pressure and weakened against several of its major peers. Sterling was also adversely affected by a separate report showing that the pace of UK construction output slowed.

GBP/EUR is trading in the region of 1.1951 and GBP/USD is trading in the region of 1.6590

US Dollar

A risk-off environment and yesterday’s slightly better-than-expected UK retail sales report left the ‘Greenback’ trading higher against almost all of its rivals. Today’s University of Michigan sentiment measure could trigger additional US Dollar movement before the weekend.

USD/GBP is trading in the region of 0.6025 and USD/EUR is trading in the region of 0.7201

Euro

European Central Bank President Mario Draghi attempted to talk down the Euro by highlighting that a weaker local currency would help ease Eurozone inflation pressures. The common currency consequently lost ground against peers like the US Dollar and was minimally affected by a report confirming that German consumer prices climbed by 0.5 per cent in February, month-on-month.

EUR/GBP is trading in the region of 0.8368 and EUR/USD is trading in the region of 1.3885

Australian Dollar

Goldman and Sachs’ negative revision to their 12 month forecast for the Australian Dollar saw the currency in question trim recent gains against its US, New Zealand, UK and Eurozone counterparts.

AUD/GBP is trading in the region of 0.5441, AUD/EUR is trading in the region of 0.6506 and AUD/USD is trading in the region of 0.9033

New Zealand Dollar

While New Zealand’s performance of manufacturing index showed an 18th consecutive month of expansion, the commodity-driven currency weakened slightly in response to Ukraine-based concerns.

NZD/GBP is trading in the region of 0.5143, NZD/EUR is trading in the region of 0.6152 and NZD/USD is trading in the region of 0.8539

Canadian Dollar

Yesterday’s surprisingly strong Canadian housing data helped the ‘Loonie’ edge higher over the course of the North American session. With economic reports for Canada lacking today, further movement in the currency is most likely to be inspired by global developments – including the US sentiment report.

CAD/GBP is trading in the region of 0.5443, CAD/EUR is trading in the region of 0.6504 and CAD/USD is trading in the region of 0.9029

These exchange rates were correct as of 12:20 GMT


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