3rd March 2014

Russian intervention pushes investors towards safe-haven assets


Pound Sterling

Euro to Pound

During the European session the Pound strengthened against several of its peers as a gauge of the UK manufacturing sector showed stronger-than-forecast growth in February.

With construction and services reports for the UK also due out this week the Pound could experience notable movement over the next few days.

GBP/EUR is trading in the region of 1.2147 and GBP/USD is trading in the region of 1.6730

US Dollar

Ukrainian concerns helped the ‘Greenback’ post widespread gains over the weekend. If today’s US ISM manufacturing report shows improvement the US Dollar could extend gains.

USD/GBP is trading in the region of 0.5977 and USD/EUR is trading in the region of 0.7256

Euro

Bets that the European Central Bank will refrain from tapering stimulus when it meets on Thursday saw the Euro recoup losses during local trading. The common currency also benefited from today’s better-than-forecast manufacturing reports for the Eurozone and its largest economies.

EUR/GBP is trading in the region of 0.8233 and EUR/USD is trading in the region of 1.3772

Australian Dollar

Overnight the ‘Aussie’ floundered as investors lost their appetite for higher-risk assets in the wake of developments in Russia. China’s manufacturing PMI (which showed another month of contraction) also piled pressure on the Australian Dollar.

AUD/GBP is trading in the region of 0.5331, AUD/EUR is trading in the region of 0.6475 and AUD/USD is trading in the region of 0.8919

New Zealand Dollar

A lack of influential economic data for New Zealand restrained ‘Kiwi’ movement during the Australasian session. However, the South Pacific currency edged lower against its safe-haven peers as a risk-off environment prevailed.

NZD/GBP is trading in the region of 0.5001, NZD/EUR is trading in the region of 0.6074 and NZD/USD is trading in the region of 0.8361

Canadian Dollar

Friday’s surprisingly upbeat growth data for Canada saw the ‘Loonie’ advance on the majority of its currency counterparts. The Canadian Dollar largely retained gains over the weekend, although it did slip against a supported Yen and US Dollar.

CAD/GBP is trading in the region of 0.5388, CAD/EUR is trading in the region of 0.6544 and CAD/USD is trading in the region of 0.9016

These exchange rates were correct as of 12:20 GMT


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