20th February 2014

Unemployment Rate Increase Sees Pound (GBP) Decline


Pound Sterling

Euro to Pound

Although the Pound snapped its recent run of declines against the Euro and US Dollar before the release of UK employment figures.

The currency softened after the report showed an unexpected increase in the UK unemployment rate.

GBP/EUR is trading in the region of 1.2127 and GBP/USD is trading in the region of 1.6670

US Dollar

The US Dollar weakened moderately against its major peers as US housing data fell short of forecasts. However, movement was a little stilted ahead of the release of minutes from the most recent Federal Open Market Committee meeting.

USD/GBP is trading in the region of 0.5999 and USD/EUR is trading in the region of 0.7276

Euro

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During European trading the Euro was supported by the news that construction output in the Eurozone recovered in December, advancing by a seasonally adjusted 0.9 per cent following a decline of 0.2 per cent in November. The common currency gained on the Pound and US Dollar.

EUR/GBP is trading in the region of 0.8246 and EUR/USD is trading in the region of 1.3746

Australian Dollar

The ‘Aussie’ edged lower against its major peers as investors bet that China’s manufacturing sector experienced a second month of contraction. The news that Australia’s Westpac leading index fell by 0.2 per cent also pushed the Australian Dollar lower.

AUD/GBP is trading in the region of 0.5415, AUD/EUR is trading in the region of 0.6568 and AUD/USD is trading in the region of 0.9027

New Zealand Dollar

The ‘Kiwi’ was trading in a fairly narrow range ahead of the publication of China’s manufacturing PMI and New Zealand’s consumer confidence measures.

NZD/GBP is trading in the region of 0.4999, NZD/EUR is trading in the region of 0.6054 and NZD/USD is trading in the region of 0.8323

Canadian Dollar

The ‘Loonie’ ended trade on Tuesday in a slightly stronger position against its US counterpart. The currency lost ground against its major rivals on Wednesday however as Canadian wholesale sales fell by 1.4 per cent in December.

CAD/GBP is trading in the region of 0.5455, CAD/EUR is trading in the region of 0.6610 and CAD/USD is trading in the region of 0.9150

These exchange rates were correct as of 14:30 GMT


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