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Sun 26 Jun 2022 08:29GMT

JPY And USD Stronger Due To Ukraine Tensions

Published: 3 Mar 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, Russia, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6709
With investors turning to safe-haven assets in the wake of mounting Ukrainian concerns, the Pound softened against the US Dollar. Although today’s manufacturing report for the UK could have an impact on the Pound, a risk-off environment is likely to prevail until some Eastern European resolution is achieved.

US Dollar
USD/GBP – Trading in the Region of 0.5982
The ‘Greenback’ broadly strengthened as the appeal of lower-risk assets was boosted by mounting political tensions in Eastern Europe. Today’s US personal income/personal spending reports will be of interest but US Dollar movement is more likely to be occasioned by US ISM manufacturing figures.

EUR/USD – Trading in the Region of 1.3774
The Euro began the European session in a weaker position against its major rivals as speculation surrounding Thursday’s ECB rate decision kept the pressure on. However, the common currency went on to recover ground as manufacturing output reports for Germany and the Eurozone surprised to the upside.

Australian Dollar
After a measure of Chinese manufacturing came in below the 50 mark separating growth from contraction the ‘Aussie’ weakened. The South Pacific asset hit a one-month low against the US Dollar ahead of the Reserve Bank of Australia’s rate decision.
AUD/USD – Trading in the Region of 0.8921

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8374
Reduced demand for higher-risk assets left the ‘Kiwi’ trading lower against several of its major currency counterparts. With influential economic news for New Zealand thin on the ground for the first half of the week, global developments will be the main cause of New Zealand Dollar movement.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9042
At the close of last week better-than-forecast Canadian growth data helped the ‘Loonie’ rally against its major currency counterparts. Today’s Canadian industrial product price and raw materials price index could have an impact on the ‘Loonie’ during North American trading.

Japanese Yen
USD/JPY – Trading in the Region of 101.3600
Putin’s assertion that Russia has the right to invade the Ukraine saw the safe-haven Yen post widespread gains.

South African Rand
USD/ZAR – Trading in the Region of 10.7810
Although the Rand began the local session in a slightly stronger position, investors have forecast that the currency will experience further weakness over the course of this week. While investors are turning to safe-haven currencies in the wake of geopolitical tensions, the Rand was supported by the news that South Africa’s KAGISO manufacturing PMI returned to growth in February.
As of Monday, 3rd March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2133, GBP USD exchange rate was 1.6665, GBP AUD exchange rate was 1.8675, GBP NZD exchange rate was 1.993, GBP CAD exchange rate was 1.8467, GBP CNY exchange rate was 10.2428, GBP JPY exchange rate was 169.0255, GBP RUB exchange rate was 60.7141, and GBP ZAR exchange rate was 18.1494.
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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