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Pound Sterling, Aussie and Euro Exchange Rates Strengthen, CAD & USD Dip

Published: 3 Jun 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 Higher, 1.5262
A far-better-than forecast UK manufacturing PMI result allowed the Pound to post widespread gains this morning. In May the manufacturing index rose from 49.8 to 51.3 – taking the figure above the 50 mark which separates growth from contraction. The result was significantly better than the rise to 50.3 predicted by economists.

US Dollar
USD/EUR – Trading Lower, 0.7678
With positive Chinese manufacturing figures pushing investors toward higher risk assets, the safe-haven US Dollar lost ground against several of its most-traded counterparts before the European session opened. This afternoon’s US ISM manufacturing report is likely to be the main cause of ‘Greenback’ movement in the hours ahead.

EUR/USD – Trading Higher, 1.3017
The Euro strengthened against rivals including the US Dollar as the European session progressed and several pieces of positive data for the Eurozone were published. Manufacturing PMI for the Eurozone, Germany and France all exceeded expectations, brightening the currency-bloc’s economic outlook.

Australian Dollar
AUD/USD – Trading Higher, 0.9636
Although Australian retail sales advanced by less-than-expected in April (gaining by 0.2 per cent rather than the 0.3 per cent forecast) the ‘Aussie’ broadly strengthened during local trade. The commodity-driven currency was bolstered by positive manufacturing data from China, Australia’s main trading partner. Tomorrow’s RBA rate announcement is likely to be responsible for further ‘Aussie’ movement.

New Zealand Dollar
NZD/USD – Trading Higher, 0.7964
With risk appetite boosted by manufacturing data from China, the ‘Kiwi’ posted a modest advance against its US counterpart. The New Zealand Dollar also gained on several of its other most traded peers. An absence of domestic news will limit ‘Kiwi’ movement in the days ahead, although data from China, Australia and the US will be of interest.

Canadian Dollar
CAD/USD – Trading Lower, 0.9659
Fluctuating commodity-prices saw the Canadian Dollar end last week trading modestly lower against the US Dollar, despite Canadian growth data exceeding expectations. Key Canadian data to watch out for this week includes building permit figures, due out on Wednesday, and the nation’s Ivey PMI, out on Thursday.

Japanese Yen
USD/JPY – Yen Stronger, 100.3300
With demand for the safe-haven Yen supported by the expectation that this week’s US employment data may prompt the Federal Reserve to begin reducing stimulus, the Asian currency was able to retain recent advances against the US Dollar. The Yen was little changed against the Euro.

South African Rand
ZAR/USD – Rand Slightly Stronger, 10.0180
Domestic concerns and global news saw the Rand weaken beyond 10 to the Dollar last week. But after hitting a four year low on Friday some economists are predicting that the ‘oversold’ Rand may gain as the market experiences a reversal.

As of Monday, 3rd June 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.172, GBP USD exchange rate was 1.532, GBP AUD exchange rate was 1.5701, GBP NZD exchange rate was 1.8917, GBP CAD exchange rate was 1.5753, GBP CNY exchange rate was 9.3939, GBP JPY exchange rate was 152.424, and GBP ZAR exchange rate was 15.0409.
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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