9th May 2014

Pound Pares Gains, Euro Still Struggling


Pound Sterling

Euro to Pound

On Friday the Pound trimmed some of its recent advance against the US Dollar following the release of a mixed bag of manufacturing/industrial/construction output figures for the UK. While the GBP/EUR pairing also fluctuated, it remained close to a 2 ½ month high.

GBP/EUR is trading in the region of 1.2239 and GBP/USD is trading in the region of 1.6900

US Dollar

As yesterday’s US initial jobless claims report showed a steeper than anticipated decline, the appeal of the ‘Greenback’ increased. The US Dollar could post additional gains in the hours ahead if the domestic JOLTs jobs data produces an upbeat result.

USD/GBP is trading in the region of 0.5917 and USD/EUR is trading in the region of 0.7234

Euro

The European Central Bank’s hints regarding the potential introduction of additional stimulus in June kept the Euro trading in a softer position against several of its major rivals. The common currency was also affected by a report showing an unexpected decline in German imports and exports.

EUR/GBP is trading in the region of 0.8170 and EUR/USD is trading in the region of 1.3810

Australian Dollar

The ‘Aussie’ put in a mixed performance overnight as investors considered the Reserve Bank of Australia’s policy statement and reacted to below-forecast Chinese inflation figures.

AUD/GBP is trading in the region of 0.5541, AUD/EUR is trading in the region of 0.6782 and AUD/USD is trading in the region of 0.9363

New Zealand Dollar

‘Kiwi’ movement was limited overnight but the currency was able to close the local session trading higher against the Pound in spite of disappointing domestic card spending data.

NZD/GBP is trading in the region of 0.5107, NZD/EUR is trading in the region of 0.6252 and NZD/USD is trading in the region of 0.8630

Canadian Dollar

If today’s Canadian employment figures meet or exceed expectations, the ‘Loonie’ could end the week on a high. Canada’s unemployment rate is expected to hold at 6.9 per cent.

CAD/GBP is trading in the region of 0.5468, CAD/EUR is trading in the region of 0.6691 and CAD/USD is trading in the region of 0.9244

These exchange rates were correct as of 11:15 GMT


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