Published: 3 Apr at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Japan,
GBP/USD â€“ Close to two-week low
After falling to a three-week low against the US Dollar yesterday following worse-than-anticipated UK manufacturing data, the Pound experienced a slight upward correction. However, Sterling later slid to a two-week low against its American counterpart after the British Retail Consortium announced that UK shop-price inflation accelerated last month. However, the Pound is likely to experience further movement today after this morningâ€™s UK construction PMI report demonstrated that construction output declined at a slower pace last month.
USD/JPY â€“ Trading within reach of five-week low
With the Bank of Japanâ€™s highly anticipated policy meeting due to begin today, the US Dollar continued to trade in the region of a five-week low against safe-haven rival the Yen. If the BOJ announces an intention to implement aggressive monetary easing following the conclusion of the two-day policy meeting the USD/JPY paring could rebound. The â€˜Greenbackâ€™ could also experience movement on Friday following the release of non-farm payrolls data for the US.
EUR/USD â€“ Trading Lower
After employment in the Eurozone was shown to have hit a record high of 12 per cent in February the Euro broadly softened, posting losses against rivals including the US Dollar and Japanese Yen. As European markets opened this morning the common currency fell against the â€˜Greenbackâ€™ for a second day. Although todayâ€™s CPI estimate for the Eurozone could trigger Euro movement, investors will be focusing on tomorrowâ€™s influential European Central Bank rate decision.
AUD/USD â€“ Trading Higher
The RBAâ€™s decision to refrain from cutting rates allowed the â€˜Aussieâ€™ to gain yesterday and the currency continued to climb during local trade in the wake of a positive Australian trade balance report. After the Australian Bureau of Statistics announced that the nationâ€™s trade balance narrowed from 1.215 billion AUD to 178 million AUD, the Australian Dollar advanced on the majority of its most traded currency rivals, achieving 1.0459 against its American counterpart. The next cause of â€˜Aussieâ€™ movement is likely to be the Australian AiG Performance of Service Index, due for release at 22:30 GMT.
NZD/EURâ€“ Trading Higher
The â€˜Kiwiâ€™ was able to retain gains made against both the British Pound and Euro as investors remain cautious prior to this weekâ€™s Bank of England and European Central Bank policy meetings. Although the South Pacific currency has been supported by a positive Chinese manufacturing report this week, economists are expecting that the New Zealand Dollar could lose ground against its American rival on Friday if US non-farm payrolls data shows the improvement expected.
CAD/USD â€“ In region of five-week High
The Canadian Dollar achieved a five-week high against its US rival during local trade on the strength of an upbeat manufacturing report for China
. According to data compiled by the National Bureau of Statistics, in March Chinese manufacturing expanded to an 11-month high. As China is the worldâ€™s largest consumer of energy and metals the news boosted commodity-driven currencies like the â€˜Loonieâ€™. The Canadian Dollar is likely to experience volatility on Friday following the publication of employment figures for the US and Canada
As of Wednesday, 3rd April 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1782, GBP USD exchange rate was 1.5134, GBP AUD exchange rate was 1.4477, GBP NZD exchange rate was 1.798, GBP CAD exchange rate was 1.5351, GBP CNY exchange rate was 9.3844, and GBP JPY exchange rate was 140.8159.