Published: 2 Aug at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, France, Germany, Greece, Ireland, Italy, Japan, South Africa, Portugal,
GBP/EUR â€“ Trading in the Region of 1.1448
Following yesterdayâ€™s Bank of England rate decision, the Pound recovered some ground against peers including the US Dollar and Euro. The British currency began the European session holding steady prior to the release of UK construction PMI but could advance in the hours ahead as the construction index climbed to 57.0 in July rather than the 51.5 expected. There was other positive news for the UK this morning as the National Institute of Economic and Social Research increased its forecast for economic growth.
USD/EUR â€“ Trading in the Region of 0.7567
Overnight the US Dollar strengthened against several of its most traded peers as investors await the release of employment data for the worldâ€™s largest economy. If the US unemployment rate drops to 7.5 per cent as expected it will support the case for the Federal Reserve tapering stimulus and the US Dollar could experience additional movement.
Euro (Currency of Germany
EUR/USD â€“ Trading in the Region of 1.3216
While yesterdayâ€™s forward guidance from the ECB regarding holding interest rates at record lows for an extended period caused the Euro to weaken against the majority of its rivals, the common currency recouped losses to begin the European session moderately stronger against the US Dollar and Pound. The Eurozoneâ€™s producer price index, due out at 10:00 GMT, is the main piece of domestic data to watch out for as we head into the weekend.
AUD/USD â€“ Trading in the Region of 0.8907
During Australasian trading the â€˜Aussieâ€™ slumped to an almost three-year low against the US Dollar. Australia
â€™s currency will remain under pressure until next weekâ€™s Reserve Bank of Australia rate decision. The central bank is expected to cut rates in light of recent disappointing domestic data.
NZD/USD â€“ Trading in the Region of 0.7873
â€˜Kiwiâ€™ movement has been a little restricted this week due to a lack of influential economic news for New Zealand. However, the South Pacific currency retained declines against its US counterpart and may slip further in the aftermath of todayâ€™s US employment figures.
CAD/USD â€“ Trading in the Region of 0.9642
â€™s currency dropped by the most for five weeks against the â€˜Greenbackâ€™ on the expectation of positive US employment data upping the odds of the Federal Reserve tapering stimulus. US news will be the main cause of market volatility in the hours ahead.
USD/JPY â€“ Trading in the Region of 99.6100
With the US Dollar broadly strengthening ahead of the release of todayâ€™s US non-farm payrolls report and unemployment rate figure, Japanâ€™s Yen fell to a multi-week low against the â€˜Greenbackâ€™. The US currency is now in line to post a 1.3 per cent five-day gain against the Yen.
South African Rand
ZAR/USD â€“ Trading in the Region of 9.9690
As investors turn to the US and eye up todayâ€™s influential employment data, the commodity-driven Rand weakened against the US Dollar. If the reports meet or exceed expectations (adding to the case for the Federal Reserve tapering stimulus) commodity-driven and emerging market currencies like the Rand could soften further.
As of Friday, 2nd August 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1496, GBP USD exchange rate was 1.527, GBP AUD exchange rate was 1.706, GBP NZD exchange rate was 1.9292, GBP CAD exchange rate was 1.5805, GBP JPY exchange rate was 151.221, and GBP ZAR exchange rate was 15.1521.