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Fri 19 Jul 2024 12:59GMT

GBP/EUR Steady Before ECB Decision, USD Pressured

Published: 4 Jun at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6751
The Pound was little changed against its major currency counterparts following the release of slightly better-than-forecast services and composite PMI. Sterling movement may be a little stilted following tomorrow's Bank of England rate decision unless the central bank takes surprising action.

US Dollar
USD/GBP – Trading in the Region of 0.5969
After declining following the release of disappointing US employment data, the US Dollar recovered losses thanks to encouraging services figures. The ISM services composite gauge climbed by more than expected, causing currency strategist Jeremy Stretch to note; 'We're still running at a healthy clip in terms of that broader momentum. The services ISM, which is the only primary indicator that we get on what is still evidently the largest and most important sector of the US economy, showing such good momentum just underlines the general bid for the US Dollar.'

EUR/USD – Trading in the Region of 1.3615
A mixed bag of economic reports for the Eurozone, including below-forecast services and composite PMI and on-target growth figures, left the common currency trading in a narrow range against its peers. The Euro appears to be on hold as investors wait for the European Central Bank's rate decision. Should the institution take a surprising course of action, considerable Euro movement is likely to occur.

Australian Dollar
AUD/USD – Trading in the Region of 0.9267
The Reserve Bank of Australia's decision to leave interest rates unaltered boosted the 'Aussie' on Tuesday and the Australian Dollar continued its upward trajectory today. The Australian Dollar enjoyed a bullish relationship with several of its major currency counterparts after the domestic economy was shown to have expanded at a faster-than-forecast pace in the first quarter. The 1.1 per cent expansion smashed forecasts for growth of 0.9 per cent.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8417
A further slump in the price of New Zealand's main export (dairy produce) left the New Zealand Dollar trailing its peers at the close of Australasian trading. The 'Kiwi' hit a six month low against the 'Aussie' and was trading at a multi-week low against the US Dollar. The New Zealand Dollar also recorded losses against the Pound.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9132
After the Bank of Canada opted to leave interest rates unaltered the Canadian Dollar softened against almost all of its currency counterparts. The appeal of the 'Loonie' dimmed in the face of the BOC's cautious tone and Stephen Poloz, Governor of the central bank, asserted that inflation remains a serious concern. Tomorrow's Canadian building permits data and Ivey PMI may inspire further 'Loonie' volatility.

Japanese Yen
USD/JPY – Trading in the Region of 102.6400
In a very data heavy day the Yen began trading close to a one month low before the publication of US employment figures. As the jobs data failed to show the increase forecast by economists the Yen went on to recover losses against the 'Greenback' as trading continued.

South African Rand
USD/ZAR – Trading in the Region of 10.7465
The Rand sank to a ten week low against the US Dollar yesterday as a stream of disappointing domestic reports and the mining-sector strikes took a toll. Today's South African PMI showed a decline and the Rand consolidated losses against the US Dollar and Pound.
As of Wednesday, 4th June 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2307, GBP USD exchange rate was 1.6738, GBP AUD exchange rate was 1.8041, GBP NZD exchange rate was 1.9869, GBP CAD exchange rate was 1.8319, GBP JPY exchange rate was 171.8871, and GBP ZAR exchange rate was 18.0117.
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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