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Exchange Rate News: 'Aussie' Surges, Pound Recovers

Published: 4 Feb at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6285
Yesterday’s disappointing UK manufacturing report left the Pound struggling, but the British currency could recoup losses today thanks to uplifting construction data. UK construction PMI came in at 64.6 in January, up from 62.1 in December and considerably better than the forecast for a reading of 61.5.

US Dollar
USD/GBP – Trading in the Region of 0.6138
After faltering slightly during the local session as US ISM manufacturing figures fell short of forecasts, the ‘Greenback’ regained a firmer footing against several of its rivals overnight. However, the US currency continued trading lower against a buoyed ‘Aussie’ and Yen.

Euro
EUR/USD – Trading in the Region of 1.3502
Yesterday’s positive manufacturing figures for the Eurozone and Germany supported the Euro during the local session. The Pound recovered losses on Tuesday however as UK construction surged.

Australian Dollar
AUD/USD – Trading in the Region of 0.8886
A more hawkish statement from the Reserve Bank of Australia inspired widespread ‘Aussie’ gains overnight. The asset jumped by 1.8 per cent against the US Dollar and ended Australasian trading higher against the majority of its peers.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8137
While the ‘Kiwi’ dipped to a three-week low against a supported Aussie, the commodity-driven asset was holding steady against the US Dollar ahead of the release of domestic employment data.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9007
At the close of last week the ‘Loonie’ strengthened modestly against its US counterpart. The commodity-driven currency could extend gains today if Canada’s industrial product price and raw materials price reports show improvement.

Japanese Yen
USD/JPY – Trading in the Region of 101.2400
The Yen brushed a two-month high against both the Euro and ‘Greenback’ as investors speculated on the likelihood of tomorrow’s US employment report boosting the appeal of safe-haven assets.

South African Rand
USD/ZAR – Trading in the Region of 11.1775
Although the Rand briefly clawed back losses against the US Dollar yesterday following the publication of disappointing US manufacturing data, the commodity-driven currency opened the local session steady but slightly softer.
As of Tuesday, 4th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2082, GBP USD exchange rate was 1.633, GBP AUD exchange rate was 1.8323, GBP NZD exchange rate was 1.986, GBP CAD exchange rate was 1.8101, GBP JPY exchange rate was 166.0808, and GBP ZAR exchange rate was 18.1113.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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