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Tue 11 Aug 2020 07:59GMT

Exchange Rate Update: Pound Weaker (GBP/USD) Euro Stronger (EUR/USD)

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

Pound Sterling
GBP/EUR – Trading in the Region of 1.1834
The Pound edged away from this week’s highs against the US Dollar and posted its most significant decline against the Euro for two-weeks as UK house prices climbed at a slower pace than forecast and UK services PMI slightly disappointed expectations.

US Dollar
USD/EUR – Trading in the Region of 0.7343
With the Federal shutdown preventing the publication of influential US non-farm payrolls data, the ‘Greenback’s bearish relationship with several of its most traded peers looks set to extend into the weekend.

Euro
EUR/USD – Trading in the Region of 1.3618
While better-than-forecast Eurozone services PMI and retail sales data boosted the Euro yesterday, news that the Troika is backing the upward revision of Portugal’s growth forecast saw the common currency extend and consolidate gains.

Australian Dollar
AUD/USD – Trading in the Region of 0.9431
Bets that the Reserve Bank of Australia won’t increase rates before the end of the year left the ‘Aussie’ stronger at the close of local trading. The Australian Dollar also advanced on the Pound as investors look ahead to next week’s services data for China.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8296
The New Zealand Dollar recouped much of last week’s losses over the last five days and is now heading for a weekly gain of 0.6 per cent against its US counterpart.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9679
In recent days the US governmental shutdown has restrained ‘Loonie’ movement, but the CAD/USD pairing made modest gains overnight as news that US data wouldn’t be released today weighed on the ‘Greenback’. Canada’s Ivey PMI could inspire ‘Loonie’ fluctuations before the close of trade.

Japanese Yen
USD/JPY – Trading in the Region of 97.0600
As the Australasian session came to a close the Yen was poised for a 1.2 per cent gain against the US Dollar. The Yen was supported by the Bank of Japan’s decision to refrain from altering its current level of stimulus as well as positive comments from the central bank regarding Japan’s economic recovery.

South African Rand
USD/ZAR – Trading in the Region of 10.0165
The Rand remained fairly range bound overnight and was little changed against the US Dollar after Fed tapering speculation saw the ‘Greenback’ soften against its peers. With the US shutdown continuing it now seems unlikely the stimulus will be trimmed before the end of the year.
As of Friday, 4th October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1808, GBP USD exchange rate was 1.6009, GBP AUD exchange rate was 1.6961, GBP NZD exchange rate was 1.9237, GBP CAD exchange rate was 1.6481, GBP CNY exchange rate was 9.7999, GBP JPY exchange rate was 156.0412, and GBP ZAR exchange rate was 15.9892.
Laura Parsons About Author: (358 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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