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Mon 1 Jun 2020 08:39GMT

AUD/USD Pairing Climbs As Australian Economy Grows

Published: 5 Mar at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6667
Following the release of the UK services PMI report, which showed a record pace of hiring in February, the Pound strengthened against the US Dollar. Gains against the Euro were limited as the common currency was supported by upbeat domestic developments.

US Dollar
USD/GBP – Trading in the Region of 0.6000
The safe-haven US Dollar lost some of its appeal and weakened against its higher-risk rivals as the threat of an invasion of Ukraine lost some of its urgency. Today’s US mortgage and employment reports could affect the ‘Buck’.

Euro
EUR/USD – Trading in the Region of 1.3718
During the local session the Euro advanced thanks to better-than-forecast services and retail sales reports. However, the common currency’s upward momentum was slightly limited as investors focused on tomorrow’s European Central Bank policy meeting.

Australian Dollar
AUD/USD – Trading in the Region of 0.8963
Overnight the Australian Dollar advanced thanks to an unexpectedly strong ‘Aussie’ growth report. The Australian economy expanded by 0.8 per cent in the fourth quarter of last year rather than the 0.7 per cent forecast, adding to the case for the RBA refraining from delivering any interest rate cuts in the near future.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8408
While economic data from New Zealand was lacking again yesterday, the ‘Kiwi’ strengthened as economic reports from Australia and China improved New Zealand’s trade prospects.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9029
Ahead of the Bank of Canada’s rate decision the ‘Loonie’ was trading in a narrow range against its major peers. The Canadian Dollar was slightly softer against the Pound following the release of positive UK data.

Japanese Yen
USD/JPY – Trading in the Region of 102.3500
The Yen advanced on the Euro but lost ground against several of its other major rivals as investors turned to higher risk assets.

South African Rand
USD/ZAR – Trading in the Region of 10.7505
As higher-risk assets find their footing following this week’s Ukraine-focused fears, the Rand was able to extend yesterday’s gains against the US Dollar. With South African news limited this week, global developments will be the main cause of further Rand fluctuations.
As of Wednesday, 5th March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2172, GBP USD exchange rate was 1.6714, GBP AUD exchange rate was 1.8621, GBP NZD exchange rate was 1.9868, GBP CAD exchange rate was 1.8435, GBP CNY exchange rate was 10.2425, GBP JPY exchange rate was 171.0968, and GBP ZAR exchange rate was 17.8388.
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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