22nd April 2014

GBP Supported Before BoE Minutes


Pound Sterling

Euro to Pound

Although the minutes from the Bank of England’s latest policy meeting are likely to confirm that the central bank intends to leave interest rates at record lows for the foreseeable future, the Pound is still riding high on the back of last week’s strong UK employment gain. A lack of UK news could limit Sterling movement today.

GBP/EUR is trading in the region of 1.2179 and GBP/USD is trading in the region of 1.6806

US Dollar

The ‘Buck’ begins the week in weaker position against the Pound but a stronger position against the Yen. As today’s US manufacturing index is expected to show a rebound from -7 to 2 in April the US Dollar could climb in the hours ahead.

USD/GBP is trading in the region of 0.5951 and USD/EUR is trading in the region of 0.7246

Euro

While today’s construction output and consumer confidence reports for the Eurozone may inspire some Euro movement, the common currency is likely to experience more extensive fluctuations as the week progresses and Markit manufacturing/services PMI is published.

EUR/GBP is trading in the region of 0.8210 and EUR/USD is trading in the region of 1.3799

Australian Dollar

During Australasian trading a domestic conference board leading index, showing a 0.3 per cent increase, had little impact on the Australian Dollar. The direction the South Pacific currency takes this week could be dictated by Australia’s inflation data and China’s manufacturing report.

AUD/GBP is trading in the region of 0.5569, AUD/EUR is trading in the region of 0.6785 and AUD/USD is trading in the region of 0.9364

New Zealand Dollar

While the ‘Kiwi’ began the week in a slightly softer position, declines were limited due to the expectation that the Reserve Bank of New Zealand will increase interest rates when it meets on Wednesday.

NZD/GBP is trading in the region of 0.5106, NZD/EUR is trading in the region of 0.6217 and NZD/USD is trading in the region of 0.8581

Canadian Dollar

The Bank of Canada’s rate decision left the ‘Loonie’ languishing and the commodity-driven currency is still putting in a patchy performance against the majority of its currency counterparts. Today’s Canadian wholesale sales data could impact the Canadian Dollar later today.

CAD/GBP is trading in the region of 0.5401, CAD/EUR is trading in the region of 0.6577 and CAD/USD is trading in the region of 0.9078

These exchange rates were correct as of 09:30 GMT


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