Published: 3 Jul at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Italy, Japan, South Africa,
GBP/USD – Trading in the Region of 1.5162
Before UK services PMI data was published the Pound was trading in the region of a month low against the US Dollar and was little changed against the Euro. However, the British currency could climb in the hours ahead as UK services PMI unexpectedly climbed to 56.9 in June. Economists had forecast that the gauge would slip to 54.5.
USD/EUR – Trading in the Region of 0.7720
After US factory orders were shown to have increased by more than expected the ‘Greenback’ broadly strengthened, climbing against several of its most traded peers and pushing back above 100 Yen per Dollar. Additional US Dollar movement is likely to occur in response to today’s initial jobless claims and trade balance figures for the US.
EUR/USD – Trading in the Region of 1.2954
Worse-than-anticipated Services PMI for Germany
and the Eurozone as a whole, caused the Euro to broadly soften early into the European session. However, movement in the common currency is likely to be limited ahead of tomorrow’s European Central Bank rate decision.
AUD/USD – Trading in the Region of 0.9056
The Reserve Bank of Australia
’s latest policy meeting, specifically the comments issued regarding the ‘Aussie’ exchange rate, pushed the Australian Dollar to its lowest level against its US rival for almost 3 years. Although the ‘Aussie’ benefited from the publication of a far-better-than forecast domestic trade surplus report, the currency shed gains as Asian shares fell.
NZD/USD – Trading in the Region of 0.7714
With the price of whole milk powder (a major New Zealand export) climbing, the ‘Kiwi’ was able to jump to a 4 ½ year high against its Australian peer. The New Zealand Dollar also posted a modest gain against its US counterpart before the appeal of the South Pacific asset fell in response to dropping Asian stocks.
CAD/USD – Trading in the Region of 0.9477
More positive US data, in the form of better-than-forecast factory order figures, added to concerns regarding Canadian economic growth lagging behind the US. Consequently, the ‘Loonie’ dipped below 95 US cents during the local session. Although home-grown international merchandise trade data will be of interest, Canadian Dollar movement will most likely be driven by US news today.
USD/JPY – Trading in the Region of 100.2600
The Yen weakened beyond 100 Yen per Dollar during local trade as the ‘Greenback’ was supported by positive factory orders figures and the expectation of strong employment data. Further signs that US economic recovery is gathering momentum could weaken the Yen further in the days ahead.
South African Rand
ZAR/USD – Trading in the Region of 10.0512
The Rand was trading lower against a broadly stronger US Dollar as local trade began on Wednesday after breaching the psychological 10 Rand per Dollar level. An absence of influential South African economic news means that additional Rand fluctuations are most likely to occur in response to US news.
As of Wednesday, 3rd July 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1738, GBP USD exchange rate was 1.5272, GBP AUD exchange rate was 1.68, GBP NZD exchange rate was 1.9649, GBP CAD exchange rate was 1.6044, GBP JPY exchange rate was 152.6769, and GBP ZAR exchange rate was 15.4013.