Published: 4 Apr at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Cyprus, Australia, New Zealand, USA, Canada, Japan, South Africa,
GBP/USD â€“ Trading lower
The Pound slid against its US rival this morning prior to the Bank of Englandâ€™s policy announcement. The central bank is largely expected to maintain its asset purchase target and hold the main interest rate at the record low of 0.5 per cent. Sterling also slid to its lowest level in over a week against the Euro as investors brace themselves for the release of UK Services PMI. The Pound is in line to experience significant movement in the hours ahead.
USD/JPY â€“ Bullish
In the aftermath of the Bank of Japanâ€™s policy meeting the US Dollar advanced on the majority of its counterparts. The BOJâ€™s decision to implement aggressive monetary easing sent the Yen tumbling as investors turned to the safe-haven â€˜Greenbackâ€™. While US initial jobless claims figures may cause fluctuations in the US currency, movement could also be triggered by developments in Europe, specifically the European Central Bankâ€™s rate decision.
EUR/USD â€“ Trading Lower
Although the Euro gained on the US Dollar following a meeting between Cyprus and the International Monetary Fund, the common currency pared its advance prior to the European Central Bankâ€™s rate decision. The Euro can expect to experience volatility after the ECB makes its announcement at 12:45 pm GMT.
AUD/NZD â€“ Trading Higher
Following the release of better-than forecast Australian retail sales figures the â€˜Aussieâ€™ advanced on its rivals, rebounding from a three-week low against its neighbouring currency the New Zealand
Dollar. Australian retail sales jumped by the most for over three years, far exceeding forecasts, and pushed the nationâ€™s Dollar 2.1 per cent higher against a broadly weakening Japanese Yen.
New Zealand Dollar
NZD/USD â€“ Trading Lower
The New Zealand Dollar lost ground against its Australian, US and Japanese counterparts after Australian retail sales, building approvals and Performance of Service Index exceeded expectations. The â€˜Kiwiâ€™ also lost ground against the US Dollar as a result of the Bank of Japanâ€™s policy meeting. The â€˜Greenbackâ€™ broadly strengthened after the Japanese central bank opted to expand stimulus.
CAD/USD â€“ Trading lower
After achieving a six-week high against the US Dollar yesterday on the strength of positive Australian news the â€˜Loonieâ€™ declined against the majority of its most traded peers when crude oil dropped by the most for four months. The Canadian Dollar is likely to experience volatility tomorrow when employment figures for the commodity-driven nation are released.
JPY/USD â€“ Heading for its biggest drop for 10 weeks
At the conclusion of the Bank of Japanâ€™s first policy meeting with Haruhiko Kuroda as Governor the central bank announced its intention to engage in larger-than-forecast monthly bond purchases. The decision led to the Japanese currency dropping against all of its main peers, falling by the most for over two months against the US Dollar.
South African Rand
ZAR/USD â€“ Little Changed
With the world focusing on central bank policy meetings in Japan and the Eurozone the Rand was little changed against the US Dollar during local trade, but if the European Central Bankâ€™s rate decision triggers Euro declines the Rand could also fall. Tomorrowâ€™s employment figures for the US could also inspire movement.
As of Thursday, 4th 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 1.5231, GBP AUD exchange rate was 1.4594, GBP NZD exchange rate was 1.8085, GBP CAD exchange rate was 1.5425, GBP JPY exchange rate was 146.7276, and GBP ZAR exchange rate was 13.967.