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Tue 20 Mar 2018 21:14GMT

Monday’s Exchange Rates- Euro (EUR) Flat, Australian Dollar (AUD) Firm, Pound (GBP) Gaining

Published: 1 Sep at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Russia, South Africa,

Pound (GBP)

The Pound (GBP) is presently trading at 1.6627 against the US Dollar (USD) on Monday, after Sterling made gains against the ‘Buck’ which has taken a momentary pause in its rally. As speculation heats up as to who will be the first to hike interest rates among the developed nations, the Pound to US Dollar exchange rate is likely to face some fluctuation. Monday has seen UK Markit Manufacturing PMI attain only 52.5 in August, short of the 55.1 economists had predicted; meanwhile, UK Mortgage Approvals shot up to 66.6K, higher than the forecast 66.0K.

Euro (EUR)

The Eurozone has seen another day of disappointing data releases on Monday with the publication of Germany’s Manufacturing PMI for August falling short of economists’ expectations of 52, instead only attaining 51.4. Meanwhile, German Imports grew by far more than expected at 1.6%, in comparison to the forecasted 0.5%. Moreover, German Exports also deviated from the 0.2% prediction, instead attaining 0.9%. The Euro (EUR) is likely to trade lower in the currency market at present as disappointing figures and a shaky recovery cause tremors in the market. The Euro is trading at 1.3129 versus the US Dollar (USD) and 0.7891 versus the Pound (GBP).

US Dollar (USD)

The US Dollar (USD) is currently trading in the currency market at 0.6016 versus the Pound (GBP), whilst also trading in the region of 0.7616 versus the Euro (EUR) whilst US markets are closed for the Labour Day holiday. The US Dollar is flirting near highs not seen in the USD/EUR exchange rate for nearly a year after a string of positive US data releases. Expert in the field Thomas Averill stated: ‘One of the big reasons why Euro-Dollar is going down is we’ve got talk of tightening coming out of the Federal Reserve.’ As the Federal Reserve eventually becomes hawkish in its stance for monetary policy, the US Dollar is likely to reach impressive highs against other majors.

Canadian Dollar (CAD)

The Canadian Dollar (CAD) will see a relatively quiet week by way of data releases this week, with Friday scheduled to be the most influential day for the ‘Loonie’. Friday will see highly influential Net Change in Employment and Unemployment Rate figures, which could prove highly significant for the Canadian commodity currency. Expert in the field Omer Esiner suggests that Canada’s neighbour the US helps aid the ‘Loonie’s’ strength, stating: ‘North America in general benefits from a US economic recovery.’ The Canadian Dollar is presently trading at 0.9209 versus the US Dollar (USD), whilst also reaching 0.5534 versus the Pound (GBP).

Australian Dollar (AUD)

The Australian Dollar (AUD) has been trading down against the Pound (GBP) on Monday, currently attaining 0.5619 versus the Pound and 0.9347 against the US Dollar (USD). Monday saw the Australian Performance of Manufacturing Index attain only 47.3 in August, falling short of the 50.7 forecast. Tuesday however will see Australian Building Approvals figures released, followed by the Reserve Bank of Australia Interest Rate Decision which is expected to remain at 2.50%.

New Zealand Dollar (NZD)

The New Zealand Dollar (NZD) is trading up against the Pound (GBP) on Monday at 0.5042, and firmer against the US Dollar (USD) at 0.8382. In light of the Ukraine and Russia situation escalating, the ‘Kiwi’ has been able to rise up to its highest level against the Russian Ruble (RUB) in nearly four months at 31.14. Bank of New Zealand representative Raiko Shareef stated: ‘Tensions seem to be on the rise again in Ukraine after what Western officials called a Russian invasion in everything but name last week.’

South African Rand (ZAR)

The US Dollar (USD) is presently trending down against the South African Rand (ZAR) which is presently attaining 10.6570. The Rand is trending at the lower end of its recent range following escalations in Russia and Ukraine which have damaged investors risk appetite. Friday saw the South African Balance of Trade reach -6.88B Rand, despite forecasts of -3.2B. Wednesday will see the publication of South African Manufacturing PMI which may not prove favourable for the Rand following strikes in the metalworking industry this year.
As of Monday, 1st September 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2652, GBP USD exchange rate was 1.6612, GBP AUD exchange rate was 1.7799, GBP NZD exchange rate was 1.9816, GBP CAD exchange rate was 1.8061, GBP RUB exchange rate was 61.8997, and GBP ZAR exchange rate was 17.7282.
Patrick James About Author: (278 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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