6th May 2014

Pound broadly stronger, Euro at multi-week high against US Dollar


Pound Sterling

Euro to Pound

Markets hadn’t long reopened from the three-day weekend before the Pound advanced on the majority of its currency counterparts as a result of impressive UK services data. Sterling posted a notable gain against the US Dollar and held its own against a supported Euro.

GBP/EUR is trading in the region of 1.2194 and GBP/USD is trading in the region of 1.6986

US Dollar

After the US trade deficit was shown to have narrowed in March the US Dollar recovered ground. While the deficit didn’t narrow by as much as economists forecast, rising exports did see the figure fall from 41.9 billion Dollars to 40.4 billion Dollars.

USD/GBP is trading in the region of 0.5886 and USD/EUR is trading in the region of 0.7178

Euro

Following the release of surprisingly positive retail sales figures for the Eurozone, the Euro pushed to a 7-week high against the US Dollar. The common currency was also supported by encouraging services data.

EUR/GBP is trading in the region of 0.8201 and EUR/USD is trading in the region of 1.3932

Australian Dollar

While the ‘Aussie’ softened in response to less-than-impressive Chinese manufacturing data on Monday, the commodity-driven currency largely recovered losses overnight thanks to the Reserve Bank of Australia’s rate decision. As expected, the central bank left interest rates unaltered.

AUD/GBP is trading in the region of 0.5507, AUD/EUR is trading in the region of 0.6717 and AUD/USD is trading in the region of 0.9352

New Zealand Dollar

With economists forecasting that today’s employment report for New Zealand will show a modest decline in the nation’s jobless rate, the ‘Kiwi’ was trading in a stronger position against several of its major currency counterparts.

NZD/GBP is trading in the region of 0.5162, NZD/EUR is trading in the region of 0.6267 and NZD/USD is trading in the region of 0.8773

Canadian Dollar

During the North American session the ‘Loonie’ edged lower against the Pound and US Dollar. The appeal of the Canadian Dollar was dampened by disappointing domestic reports. Tomorrow’s Canadian building permits data could cause more movement in the currency.

CAD/GBP is trading in the region of 0.5399, CAD/EUR is trading in the region of 0.6584 and CAD/USD is trading in the region of 0.9165

These exchange rates were correct as of 15:25 GMT


Related articles articles