Published: 1 Oct at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,
GBP/EUR â€“ Trading in the Region of 1.1973
After beginning the European session close to a nine-month high against the US Dollar, the Pound extended gains against its major counterparts as UK manufacturing PMI expanded, albeit at a slightly slower pace than expected. If the weekâ€™s construction and services PMI surprise to the upside, the British assetâ€™s bullish run could continue.
USD/EUR â€“ Trading in the Region of 0.7384
The US governmentâ€™s failure to settle the US budget standoff resulted in the shutdown of many Federal sectors, triggering broad-based â€˜Greenbackâ€™ declines. While todayâ€™s US ISM manufacturing data will be of interest, the ongoing political drama is likely to dictate US Dollar movement as the week progresses.
EUR/USD â€“ Trading in the Region of 1.3572
An unexpected increase in the German unemployment rate, coupled with slightly disappointing German manufacturing figures, exacerbated the Euroâ€™s bearish relationship with the Pound during the European session. Positive UK news also weighed on the common currency.
AUD/USD â€“ Trading in the Region of 0.9385
The â€˜Aussieâ€™ staged an impressive comeback during Australasian trading, surging against the majority of its main rivals as the Reserve Bank of Australia
opted to hold interest rates. The South Pacific asset also benefited from better-than-expected domestic retail sales figures.
NZD/USD â€“ Trading in the Region of 0.8332
While the US Federal shutdown triggered â€˜Greenbackâ€™ declines and helped the NZD/USD pairing strengthen, gains were limited by a second below-estimate manufacturing report for China
, one of New Zealandâ€™s largest trading partners.
CAD/USD â€“ Trading in the Region of 0.9722
Yesterdayâ€™s stronger-than-expected Canadian growth report saw the â€˜Loonieâ€™ strengthen against the US Dollar and recover losses against a bullish Pound. With domestic data lacking today, further Canadian Dollar movement is most likely to be inspired by US developments.
USD/JPY â€“ Trading in the Region of 97.9700
Although Prime Minister Shinzo Abeâ€™s decision to proceed with a sales-tax increase initially sparked Yen declines, the Asian asset recouped losses against the â€˜Greenbackâ€™ after the US government failed to reach an accord regarding the nationâ€™s budget.
South African Rand
USD/ZAR â€“ Trading in the Region of 9.9995
As the US shutdown weakened the â€˜Greenbackâ€™, the Rand recovered ground against its US counterpart and pushed back below the psychological 10 Rand per Dollar level. However, todayâ€™s South African manufacturing data is likely to inspire further Rand movement.
As of Tuesday, 1st October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1976, GBP USD exchange rate was 1.6196, GBP AUD exchange rate was 1.7237, GBP NZD exchange rate was 1.9573, GBP CAD exchange rate was 1.6731, GBP CNY exchange rate was 9.9144, GBP JPY exchange rate was 158.8092, and GBP ZAR exchange rate was 16.3832.