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Exchange Rate News: Euro Climbs, Pound Softens, Australian Dollar Drops

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

Pound Sterling
GBP/USD– Trading in the Region of 1.6371
Over the last couple of days the Pound has put in a valiant performance as stronger-than-anticipated UK construction and manufacturing figures helped the currency climb. However, with UK services PMI dipping by more-than-expected Sterling could trim gains in the hours ahead.

US Dollar
USD/EUR – Trading in the Region of 0.7377
Although the US Dollar was buoyed early in the week by an upbeat US manufacturing report the safe-haven currency has since softened against peers like the Pound and Euro as investors brace themselves for the week’s big news, Friday’s US non-farm payrolls figures.

EUR/USD – Trading in the Region of 1.3580
As the European session opened the Euro was close to a one-month high against the US Dollar. With final services PMI for Germany and the Eurozone outstripping previous estimates the Euro could advance, although with Eurozone growth and retail sales figures still to come movement could be limited.

Australian Dollar
AUD/USD – Trading in the Region of 0.9036
Early into Australasian trading the AiG performance of services gauge showed improvement, but any support this result lent to the ‘Aussie’ was quickly wiped out as Australian growth data confirmed that the nation’s economy is struggling. The AUD/USD and AUD/GBP pairings posted particularly notable declines.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8177
Slightly disappointing non-manufacturing PMI for China and a less-than-impressive building value report for New Zealand saw the ‘Kiwi’ slide against the ‘Greenback’ and consolidate losses against the Pound. The New Zealand Dollar was able to rally against the ‘Aussie’ as the latter currency turned bearish following the release of Australian growth figures.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9371
With the Bank of Canada’s rate decision looming the Canadian Dollar is trading close to a three-year low against its US peer. The ‘Loonie’ could extend declines if the central bank chooses to refrain from hinting at potential interest rate increases.

Japanese Yen
USD/JPY – Trading in the Region of 102.6500
After slumping to a six-month low against the US Dollar in the aftermath of Monday’s encouraging US manufacturing report the Yen recovered some losses overnight. However the safe-haven asset continues to trade beyond 102 per Dollar.

South African Rand
USD/ZAR – Trading in the Region of 10.3158
Yesterday’s disappointing current account deficit data caused widespread Rand declines and the South African asset plummeted against its US counterpart. The commodity-driven currency is languishing close to three-week lows against the US Dollar.
As of Wednesday, 4th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2055, GBP USD exchange rate was 1.6377, GBP AUD exchange rate was 1.8134, GBP NZD exchange rate was 1.9955, GBP CAD exchange rate was 1.7487, GBP CNY exchange rate was 9.9764, GBP JPY exchange rate was 167.7033, and GBP ZAR exchange rate was 17.1014.
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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