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Aussie (AUD) Recovers Losses While Pound (GBP) Continues to Climb

Published: 4 Sep at 10 AM 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/EUR – Trading in the Region of 1.1835
With data published this morning revealing that the UK services sector expanded by more than expected in August the Pound is likely to consolidate and extend gains in the hours ahead.

US Dollar
USD/EUR – Trading in the Region of 0.7591
Anticipation surrounding this week’s US non-farm payrolls data, and the likelihood of it adding to the case for the Federal Reserve tapering stimulus this month, supported the US Dollar against its peers overnight. The Fed’s beige book, due for publication at 19:00, will also be a good indication of the central bank’s intentions and could impact the ‘Greenback’.

EUR/USD – Trading in the Region of 1.3165
The Euro experienced modest fluctuations following the release of a mixed bag of services PMI data for the Eurozone. However, with retail sales and GDP figures for the currency bloc still to come additional Euro volatility is likely.

Australian Dollar
AUD/USD – Trading in the Region of 0.9120
While economists expected Australian growth data to show that the nation’s economy expanded by 0.5 per cent in the second quarter it actually grew by 0.6 per cent. The moderately better-than-forecast result pushed the ‘Aussie’ higher against its rivals and saw it achieve a two-week high against the US Dollar.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.7841
With New Zealand’s trade prospects receiving a boost from stronger-than-expected growth data for Australia, the ‘Kiwi’ advanced on several of its most traded peers, posting notable gains against both the US Dollar and Yen.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9498
Yesterday increasing tension regarding the situation with Syria pushed crude oil futures higher, and the commodity-driven ‘Loonie’ rose with them. However, with the Bank of Canada due to issue its rate decision today the Canadian Dollar largely pared gains overnight.

Japanese Yen
USD/JPY – Trading in the Region of 99.6100
Ahead of the Bank of Japan’s rate decision the Yen declined against the US Dollar for a second day. With the Federal Reserve due to releases its outlook survey in a few hours, additional USD/JPY movement can be expected.

South African Rand
USD/ZAR – Trading in the Region of 10.2970
Worse than anticipated local business confidence figures saw the Rand weaken against the US Dollar yesterday, but the commodity-driven asset recovered some ground as the local session opened. However, with economists expecting this week’s US non-farm payrolls report to add to the case for the Fed tapering stimulus this month the Rand is likely to come under pressure in the days ahead.
As of Wednesday, 4th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1834, GBP USD exchange rate was 1.5626, GBP AUD exchange rate was 1.7052, GBP NZD exchange rate was 1.9794, GBP CAD exchange rate was 1.6398, GBP JPY exchange rate was 155.8792, and GBP ZAR exchange rate was 16.0196.
Laura Parsons About Author: (360 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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