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Exchange Rate News: Euro Rallies, Pound Falters, Aussie Stands Firm

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

Pound Sterling
GBP/USD– Trading in the Region 1.6393
The Pound began local trading softer against the US Dollar and Euro as economists forecast that today’s report would confirm that the pace of expansion in the UK’s manufacturing sector slowed in January. A pleasantly surprising result could help Sterling recover losses, although the currency is likely to continue struggling against a buoyed Euro.

US Dollar
USD/GBP – Trading in the Region of 0.6100
On Friday the US Dollar was boosted by the news that personal spending increased by more-than-forecast while the Chicago Purchasing Manager measure and University of Michigan confidence index edged higher than expected. Today ‘Greenback’ movement could be inspired by the US ISM manufacturing report.

EUR/USD – Trading in the Region of 1.3493
The expectation that inflation concerns will push the ECB into issuing an additional rate cut wore on the Euro over the weekend but the common-currency was able to stage a recovery as manufacturing reports for the Eurozone and its two largest economies surprised to the upside.

Australian Dollar
AUD/USD – Trading in the Region of 0.8758
Although the AiG performance of manufacturing index for Australia declined in January and manufacturing/non manufacturing reports for China failed to meet estimates, the ‘Aussie’ remained supported against its major peers. The South Pacific asset held on to gains against the Pound and Euro ahead of the Reserve Bank of Australia’s rate decision.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8098
The ‘Kiwi’ edged away from recent highs overnight as China’s PMI data slightly dampened New Zealand’s trade prospects. However, the NZD/GBP pairing continues to trade in the region of an eighteen-month high ahead of tomorrow’s employment report for New Zealand.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9012
At the close of last week the ‘Loonie’ strengthened modestly against its US counterpart. The commodity-driven currency could extend gains today if Canada’s industrial product price and raw materials price reports show improvement.

Japanese Yen
USD/JPY – Trading in the Region of 102.1900
After posting a notable gain against its US rival the Yen declined overnight as investors looked ahead to this week’s speech from Bank of Japan Deputy Governor Kikuo Iwata.

South African Rand
USD/ZAR – Trading in the Region of 11.1675
An ongoing aversion to emerging market assets left the Rand struggling as local trading began. Although a lack of influential South African data could limit Rand movement in the hours ahead, US data releases will be of interest.

As of Monday, 3rd February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2061, GBP USD exchange rate was 1.6309, GBP AUD exchange rate was 1.8639, GBP NZD exchange rate was 2.0205, GBP CAD exchange rate was 1.8115, GBP CNY exchange rate was 9.8848, GBP JPY exchange rate was 164.9982, and GBP ZAR exchange rate was 18.3219.
Laura Parsons About Author: (360 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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