30th May 2014

GBP Boosted by GDP Revision


Pound Sterling

Euro to Pound

After the British Chambers of Commerce positively revised its growth forecasts for the UK and the nation published a positive consumer confidence report, the Pound recovered recent losses against several of its most traded currency counterparts.

GBP/EUR is trading in the region of 1.2296 and GBP/USD is trading in the region of 1.6752

US Dollar

While US Dollar movement was fairly limited on Friday the currency did fluctuate slightly as reports showed that US personal spending declined unexpectedly and the University of Michigan confidence index for May failed to advance by as much as anticipated.

USD/GBP is trading in the region of 0.5967 and USD/EUR is trading in the region of 0.7338

Euro

Speculation surrounding next week’s European Central Bank policy meeting is keeping pressure on the Euro and the currency’s performance was also adversely affected by less-than-impressive German retail sales and Italian inflation data.

EUR/GBP is trading in the region of 0.8133 and EUR/USD is trading in the region of 1.3619

Australian Dollar

The ‘Aussie’ advanced on Thursday as a domestic capital expenditure report showed stronger-than-expected mining investment. The currency retained these gains on Friday and pushed higher thanks to upbeat Australian private sector credit figures.

AUD/GBP is trading in the region of 0.5549, AUD/EUR is trading in the region of 0.6816 and AUD/USD is trading in the region of 0.9297

New Zealand Dollar

After sliding against almost all of its currency counterparts on Thursday the New Zealand Dollar regained a firmer footing on Friday thanks to a 1.5 per cent increase in domestic building permits.

NZD/GBP is trading in the region of 0.5067, NZD/EUR is trading in the region of 0.6228 and NZD/USD is trading in the region of 0.8483

Canadian Dollar

Below forecast Canadian growth data left the ‘Loonie’ struggling on Friday. The Canadian Dollar approached the weekend in a softer position against the Pound, Euro and US Dollar.

CAD/GBP is trading in the region of 0.5502, CAD/EUR is trading in the region of 0.6770 and CAD/USD is trading in the region of 0.9217

These exchange rates were correct as of 16:10 GMT


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