27th March 2014

GBP/EUR Extends Advance, More GBP/USD Movement Expected


Pound Sterling

Euro to Pound

Sterling broadly strengthened as investors digested some stronger-than-anticipated retail sales figures for the UK. As well as trimming recent declines against a bullish ‘Aussie’ the Pound was able to edge higher against the US Dollar and extend gains against the Euro.

GBP/EUR is trading in the region of 1.2089 and GBP/USD is trading in the region of 1.6636

US Dollar

The US Dollar advanced on the Japanese Yen ahead of the release of US growth data and initial jobless claims figures. The safe-haven asset did lose ground against the Australian Dollar and Pound but remained stronger against several of its other major rivals.

USD/GBP is trading in the region of 0.6011 and USD/EUR is trading in the region of 0.7268

Euro

While the Euro edged lower against the Pound prior to tomorrow’s German inflation report, the common currency was otherwise trading in a fairly narrow range due to a lack of pertinent economic news for the Eurozone.

EUR/GBP is trading in the region of 0.8272 and EUR/USD is trading in the region of 1.3767

Australian Dollar

Reserve Bank of Australia Governor Glenn Stevens’ comparatively upbeat assessment of Australia’s potential economic performance continued to lend the ‘Aussie’ support on Thursday. The South Pacific currency may fluctuate before the weekend as a result of China’s leading index.

AUD/GBP is trading in the region of 0.5550, AUD/EUR is trading in the region of 0.6712 and AUD/USD is trading in the region of 0.9234

New Zealand Dollar

A report showing that New Zealand recorded a record-breaking trade surplus in February lifted the ‘Kiwi’ overnight and helped the currency enjoy a bullish relationship with its peers.

NZD/GBP is trading in the region of 0.5211, NZD/EUR is trading in the region of 0.6304 and NZD/USD is trading in the region of 0.8669

Canadian Dollar

This week has been a bit dull for the Canadian Dollar, with the currency locked in a narrow trading band due to a lack of influential domestic reports. While economists are looking ahead to next week’s Canadian data, some ‘Loonie’ movement could occur before the weekend as a result of US and Chinese news.

CAD/GBP is trading in the region of 0.5419, CAD/EUR is trading in the region of 0.6552 and CAD/USD is trading in the region of 0.9018

These exchange rates were correct as of 12:50 GMT


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