14th May 2014

US Dollar fluctuates after Retail Sales Report, JPY Recovers Ground


Pound Sterling

Euro to Pound

After displaying an impressive upward momentum for the past week the Pound finally stalled on Tuesday, with its rally against peers like the US Dollar and Euro ending before the release of UK employment figures. However, if tomorrow’s jobs data exceeds expectations the Pound could recoup all of the losses sustained today.

GBP/EUR is trading in the region of 1.2268 and GBP/USD is trading in the region of 1.6835

US Dollar

While the ‘Greenback’ hit an over one-week high against the Yen overnight, the USD/JPY pairing gave up gains following the news that US retail sales climbed by less-than-expected in April. The 0.1 per cent increase in sales was shy of the 0.4 per cent gain anticipated.

USD/GBP is trading in the region of 0.5940 and USD/EUR is trading in the region of 0.7294

Euro

Disappointing economic sentiment data for the Eurozone and its largest economy left the Euro struggling on Tuesday. The common currency pared earlier gains against the Pound and sank to a five-week low against the US Dollar.

EUR/GBP is trading in the region of 0.8148 and EUR/USD is trading in the region of 1.3722

Australian Dollar

While below forecast domestic and Chinese economic reports wore on the ‘Aussie’ during local trading, the South Pacific currency later strengthened against Sterling and the ‘Greenback’. The Australian Dollar held gains even as the national federal budget was outlined.

AUD/GBP is trading in the region of 0.5565, AUD/EUR is trading in the region of 0.6782 and AUD/USD is trading in the region of 0.9368

New Zealand Dollar

Ahead of the release of New Zealand’s retail sales report the commodity-driven currency was trading in a fairly narrow range against several of its major rivals. If sales haven’t increased by at least the 0.9 per cent forecast for the first quarter the ‘Kiwi’ could come under pressure.

NZD/GBP is trading in the region of 0.5141, NZD/EUR is trading in the region of 0.6275 and NZD/USD is trading in the region of 0.8654

Canadian Dollar

The below-estimate US retail sales figure helped the Canadian Dollar advance on its US counterpart on Tuesday. The ‘Loonie’ was also stronger against the Euro but put on a patchy performance against the Pound ahead of tomorrow’s key UK reports.

CAD/GBP is trading in the region of 0.5451, CAD/EUR is trading in the region of 0.6690 and CAD/USD is trading in the region of 0.9179

These exchange rates were correct as of 16:00 GMT


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