21st May 2014

Sterling Strength follows Impressive UK Sales Gain


Pound Sterling

Euro to Pound

With UK retail sales including auto fuels jumping by 1.3 per cent in April (rather than rising by the modest 0.4 per cent forecast) the Pound enjoyed a bullish trading session. The British asset spent much of Wednesday in a stronger position against peers like the Euro.

GBP/EUR is trading in the region of 1.2365 and GBP/USD is trading in the region of 1.6884

US Dollar

US Dollar movement was limited ahead of the release of minutes from the Federal Open Market Committee’s policy meeting and the currency was little-changed as data showed that US mortgage applications increased by 0.9 per cent in the week ending May 16th.

USD/GBP is trading in the region of 0.5920 and USD/EUR is trading in the region of 0.7323

Euro

While the Euro was trading in a narrow range during the European session, consumer confidence figures for the Eurozone are sure to inspire volatility in the hours ahead. If sentiment is shown to have declined by the 8.6 forecast the Euro could hit fresh lows against the Pound.

EUR/GBP is trading in the region of 0.8090 and EUR/USD is trading in the region of 1.3662

Australian Dollar

The Reserve Bank of Australia’s dovish minutes kept pressure on the ‘Aussie’ overnight and the South Pacific asset extended declines after the Westpac gauge of consumer sentiment dropped sharply. Tomorrow’s Chinese manufacturing PMI could cause more fluctuations in the Australian Dollar.

AUD/GBP is trading in the region of 0.5457, AUD/EUR is trading in the region of 0.6747 and AUD/USD is trading in the region of 0.9217

New Zealand Dollar

The ‘Kiwi’ was struggling against its peers as negative news from Australia had an impact on New Zealand’s economic outlook and caused the commodity-driven New Zealand Dollar to lose some of its appeal.

NZD/GBP is trading in the region of 0.5068, NZD/EUR is trading in the region of 0.6263 and NZD/USD is trading in the region of 0.8545

Canadian Dollar

A lack of economic news for Canada restrained ‘Loonie’ movement today but the commodity-driven currency continued trading lower against the Pound. Tomorrow’s Canadian retail sales report may cause ‘Loonie’ volatility.

CAD/GBP is trading in the region of 0.5425, CAD/EUR is trading in the region of 0.6708 and CAD/USD is trading in the region of 0.9159

These exchange rates were correct as of 15:00 GMT


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