Compare exchange rates, send money abroad and online

Mon 15 Jul 2024 09:25GMT

Euro (EUR) and Pound (GBP) Await Central Bank Meetings Thursday; ?Buck? (USD) Firm

Published: 4 Aug at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Italy, South Africa,

Pound (GBP)

The Pound (GBP) has entered its fourth week of depreciation versus the firming US Dollar (USD), presently trading at 1.6825. Monday will see the release of UK Construction PMI, presently forecast to reach 62.0. Thursday however will be the most influential day for the Pound this week with the Bank of England (BoE) meeting to decide the Asset Purchase Target and the Rate Decision. If some board members suggest that the UK could feasibly maintain interest rate hikes then the Pound could gain some stability once again in the currency market versus other majors.

Euro (EUR)

The Euro (EUR) is presently trading at 1.3419 against the US Dollar (USD) after the Single Currency has fallen to near an eight month low ahead of the European Central Bank meeting held on Thursday. Expert in the field Imre Speizer stated: ‘The trend in Euro is clearly down, and we think that that story’s got further to run.’ Tuesday will see the Eurozone Retail Sales figures published, whilst Wednesday will see German Factory Orders, German Construction and Retail PMI, alongside Eurozone Retail PMI and Italian Gross Domestic Product statistics.

US Dollar (USD)

The US Dollar (USD) is currently trading against the Pound (GBP) at 0.5943 and at 0.7450 versus the Euro (EUR). The Federal Reserve at present is shrouded in speculation that they may raise interest rate hikes sooner than the Bank of England (BoE) as the first of the developed nations since the recession in 2009. Expert in the field Marc Ostwald stated: ‘The risk with the Fed is that they are forced to bring their timeline forward.’ The US Dollar has firmed recently in the currency market against other majors, and seems on course to gain more momentum in the coming months as the Federal Reserve takes a more hawkish stance.

Canadian Dollar (CAD)

The Canadian Dollar (CAD) is trading between the boundaries of 0.9151 and 0.9164 against the US Dollar (USD) on Monday. Friday will prove the most influential day for the Canadian Dollar this week with the Net Change in Employment and Unemployment Rate figures due for publication. The Unemployment Rate is presently forecast to stagnate at 7.1%; however Net Change in Employment is predicted to create 24.0K jobs.

Australian Dollar (AUD)

Australia has published Retail Sales Excluding Inflation figures on Monday which only attained -0.2% despite forecasts to reach -0.5%. Furthermore Retail Sales figures for June reached an unpredicted 0.6%. Data publication this week will consist of the Australian Performance of Service Index and Trade Balance figures on Tuesday whilst Thursday will see the publication of the Performance of Construction Index alongside Employment Change and Unemployment Rate figures. The Australian Dollar is at present trading against the US Dollar at 0.9312.

New Zealand Dollar (NZD)

The New Zealand Dollar (NZD) is currently trading against the US Dollar (USD) at 0.8506 in the currency market. The New Zealand Dollar will see fluctuation this week following the publication of Employment Change and Unemployment Rate figures. The NZD to USD exchange rate fell recently as dairy prices crashed in New Zealand affecting the commodity currency. Expert in the field Sam Tuck stated: ‘Long-term, US data should strengthen, but the “Kiwi” is looking a bit oversold, and consolidation would be healthy.’

South African Rand (ZAR)

Despite the end of the latest South African strike being signalled last week by the National Union of Metal Workers of South Africa (NUMSA), complications have arisen in the aftermath with some employers by the name of National Employers Association of South Africa (NEASA) refusing to allow strikers to enter their original working premises. NUMSA have stated that they will resort to taking employers to court if the lock outs continue. Although NUMSA have agreed to a 10% raise, NEASA are claiming that only a 7% rise is affordable. NUMSA stated: ‘We are going to challenge legally because our members are unfairly dismissed are unfairly replaced. The strike is over.’ The US Dollar (USD) is presently trading against the Rand (ZAR) at 10.6840.
As of Monday, 4th August 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2563, GBP USD exchange rate was 1.6862, GBP AUD exchange rate was 1.8069, GBP NZD exchange rate was 1.9777, GBP CAD exchange rate was 1.8393, and GBP ZAR exchange rate was 17.9694.
Admin About Author: (1898 Posts)

Live Exchange Rates