Published: 1 May at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Cyprus, Australia, New Zealand, USA, Canada, China, Germany, Italy, Japan, South Africa,
GBP/USD â€“ Trading Higher
In light of several pieces of positive UK data, and with the US economy causing concerns, the Pound was able to approach an 11-week high against the â€˜Greenbackâ€™ as the European session opened. Although todayâ€™s UK manufacturing figures could result in Sterling movement investors will be focusing on the US, and the FOMCâ€™s two-day policy meeting.
USD/EUR â€“ Trading Lower
The US Dollar turned bearish against its peers as the imminent FOMC policy meeting bolstered higher-risk assets like the Euro. Significant market movement can be expected to follow any statements issued by the Federal Reserve.
EUR/USD â€“ Trading Higher
With economists expecting that the European Central Bank will make a significant announcement tomorrow, the Euro was able to recoup losses sustained yesterday after unemployment in the Eurozone reached record levels, largely led by Spain
. Given the less-than-impressive data coming out of nations like Germany
and the troubles seen in Cyprus and Italy
, investors expect the ECB to announce measures which would help boost the Eurozone.
AUD/USDâ€“ Trading Lower
â€™s factory production expanded at a slower pace than forecast last month, while Australia
â€™s manufacturing PMI slid to 36.7 from 44.4, the â€˜Aussieâ€™ was little changed against its US counterpart ahead of the FOMCâ€™s highly anticipated policy decision.
NZD/USD â€“ Trading Higher
With the US Dollar bearish on the expectation that the Federal Reserve will opt to maintain or expand monetary easing during its two-day gathering, the New Zealand Dollar was able to extend recent gains. If todayâ€™s US data disappoints as expected the â€˜Kiwiâ€™ could continue to climb against its American rival.
CAD/AUD â€“ Trading Higher
The â€˜Loonieâ€™ hit its highest level against the US Dollar since mid-February after Canada
posted better-than-forecast GDP for February. The Canadian economy is now expected to see its most significant quarterly growth since 2011. Further Canadian Dollar movement could occur in response to US employment change and ISM manufacturing data, but interest will mainly be focused on the two-day FOMC policy meeting.
JPY/USD â€“ Trading Higher
The Yen was able to advance on a broadly softening US Dollar ahead of the FOMCâ€™s two day policy meeting. Japanâ€™s currency fell slightly against the Euro as investors speculate on the outcome of tomorrowâ€™s European Central Bank rate decision.
ZAR/USD â€“ Trading Lower
After hitting a 7-week high against the US Dollar following better-than-anticipated South African trade balance data, the Rand briefly dipped to 9.0061 Rand per Dollar after central bank figures revealed a slowdown in private sector credit extension. News from the US will be a major cause of market volatility in the hours ahead.
As of Wednesday, 1st May 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1813, GBP USD exchange rate was 1.5569, GBP AUD exchange rate was 1.5146, GBP NZD exchange rate was 1.8305, GBP CAD exchange rate was 1.5689, GBP CNY exchange rate was 9.5981, GBP JPY exchange rate was 151.492, and GBP ZAR exchange rate was 14.0589.