Published: 3 May 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,
GBP/USD â€“ Little Changed
Prior to the publication of UK services PMI Sterling was little changed against its American counterpart. The British currency advanced yesterday after UK construction was shown to have contracted at a slower rate than anticipated. Pound fluctuations could also result from Eurozone and US news.
USD/GBP â€“ Trading Lower
The US Dollar slipped against most of its higher-yielding rivals this morning as investors look ahead to US non-farm payrolls data, due for release at 13:30 GMT. If the figures should disappoint, as they did the previous month, the â€˜Greenbackâ€™ could fall further. News from the UK and Eurozone will also be of interest.
EUR/USD â€“ Trading Higher
Although the Euro fell against all but one of its peers in the aftermath of the European Central Bankâ€™s rate decision, the common currency clawed back losses this morning. The Euro climbed against rivals including the US Dollar after the likelihood of the ECB implementing a deposit rate below zero was debunked. The Euro could experience additional volatility following the publication of the Eurozoneâ€™s producer price index.
AUD/NZD â€“ Trading Lower
As separate reports showed that the Australian AiG Performance of Service index fell to its lowest level this year and China
â€™s manufacturing PMI also dropped, the â€˜Aussieâ€™ lost ground against several of its main currency peers. During local trade the South Pacific currency briefly touched its lowest level against the New Zealand
Dollar since October 2009.
New Zealand Dollar
NZD/AUD â€“ Trading Higher
The New Zealand Dollar recovered from losses sustained yesterday, advancing on both the Australian and US Dollar during local trade, achieving 0.8303 against the â€˜Aussieâ€™ and 0.8520 against the â€˜Greenbackâ€™. News from the US will be the main cause of market volatility in the hours ahead.
CAD/USD â€“ Trading Lower
The Canadian Dollar declined during local trade after Mark Carneyâ€™s successor was named. Stephen Poloz, the head of Canada
â€™s export-financing agency, was presented as the next leader of the Bank of Canada. The â€˜Loonieâ€™ could fluctuate this afternoon if employment data for the US, its biggest trading partner, disappoints as it did last month.
JPY/EUR â€“ Trading Lower
With Japanese financial markets closed for national holidays until the 7th, Yen movement will be limited. The Asian currency slipped against the Euro this morning as European markets opened and comments relating to yesterdayâ€™s ECBâ€™s policy statement increased the appeal of the common currency.
ZAR/USD â€“ Trading Higher
The Rand strengthened to 8.9353 against the US Dollar following the ECBâ€™s rate cut, and largely retained gains during a relatively quiet trading session. The commodity-driven currency was also supported by a gain in precious metal prices. Notable Rand movement could occur in the hours ahead if US non-farm payrolls fails to meet expectations.
As of Friday, 3rd May 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1876, GBP USD exchange rate was 1.5573, GBP AUD exchange rate was 1.5091, GBP NZD exchange rate was 1.8251, GBP CAD exchange rate was 1.5698, GBP CNY exchange rate was 9.5865, GBP JPY exchange rate was 154.1471, and GBP ZAR exchange rate was 13.8743.