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Exchange Rate News: GBP/EUR Headed For Five-Day Gain

Published: 3 Jan at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6443
As a UK house price report added to the argument that the robust property market is supporting Britain’s economic recovery, the Pound advanced on the Euro. Sterling is now heading for a third five-day gain against its European cousin.

US Dollar
USD/GBP – Trading in the Region of 0.6081
Better-than-expected initial jobless claims, ISM manufacturing and construction spending reports for the US saw the ‘Buck’ advance during North American trading. US Dollar movement might be a little limited ahead of Federal Reserve Chairman Ben Bernanke’s speech in Philadelphia.

Euro
EUR/USD – Trading in the Region of 1.3639
Although yesterday’s manufacturing PMI reports for Germany and the Eurozone showed expansion, concerns that the downturn in France will adversely impact the currency bloc saw the Euro decline against the Pound and US Dollar. The common currency began the local session softer against its major rivals.

Australian Dollar
AUD/USD – Trading in the Region of 0.8988
The AUD/USD pairing posted its most notable five-day gain for two months on Friday as investors bet that the South Pacific currency’s losses had been excessive. The ‘Aussie’ was able to close local trading stronger in spite of a decline in Chinese non-manufacturing PMI.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8254
Another quiet session left the ‘Kiwi’ trading in a fairly narrow range against peers like the US Dollar. The New Zealand asset did dip slightly after non-manufacturing PMI declined in China but approached the weekend largely unchanged.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9400
The ‘Loonie’ finally broke free from its bearish relationship with its US counterpart as upbeat Canadian manufacturing data boosted the currency. The Canadian Dollar also gained on hopes that the US economic recovery will have a positive impact on neighbouring Canada.

Japanese Yen
USD/JPY – Trading in the Region of 104.3200
Speculation that Yen losses may have been overdone helped the Asian currency recover ground overnight. The Japanese currency posted a modest advance against the US Dollar and was mildly stronger against the Euro.

South African Rand
USD/ZAR – Trading in the Region of 10.5800
Yesterday the Rand plummeted to a five-year low against the US Dollar as China’s manufacturing sector faltered. The commodity-driven currency remained weaker against the majority of its peers ahead of the release of domestic new vehicle sales data.
As of Friday, 3rd January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2082, GBP USD exchange rate was 1.6417, GBP AUD exchange rate was 1.835, GBP NZD exchange rate was 1.9845, GBP CAD exchange rate was 1.746, GBP CNY exchange rate was 9.9345, GBP JPY exchange rate was 172.1543, and GBP ZAR exchange rate was 17.5379.
Dominic Lee About Author: (443 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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