Published: 5 Apr at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Japan, South Africa,
GBP/USD â€“ Trading Higher
After gaining yesterday following the Bank of Englandâ€™s policy announcement, the Pound was little changed this morning prior to the release of a UK housing report. Sterling advanced on the US Dollar and Euro after the BoE refrained from stepping up stimulus measures. This morning Halifax announced that home values rose by 0.2 per cent in March, in line with economists expectations, and the Pound could experience slight movement as a result. Meanwhile, if Eurozone retail sales figures disappoint Sterling could edge higher against the Euro.
USD/JPY â€“ Trading in the region of 96.3200
Although yesterdayâ€™s US initial jobless claims figures revealed an unexpected increase in benefit applications, economists are still expecting todayâ€™s non-farm payrolls report to show an increase, with hiring advancing by 190,000 workers. Industry experts are also predicting that the unemployment rate of the worldâ€™s largest economy held at a four-year low last month. If todayâ€™s data exceeds forecasts the US Dollarâ€™s bullish trend could continue.
EUR/USD â€“ Trading Lower
Prior to the release of retail sales figures for the Eurozone the Euro declined against its American rival. Economists are forecasting that the retail sales report will show a month-on-month drop of 0.4 per cent in February following Januaryâ€™s unexpected gain of 1.2 per cent. If this prediction proves accurate the common currency could slide against several of its main trading partners. German factory order figures will also be of interest.
AUD/USD â€“ Trading Lower
The â€˜Aussieâ€™ lost ground against the US Dollar during Australasian trade after the Bank of Japanâ€™s decision to expand stimulus triggered widespread â€˜Greenbackâ€™ gains. The Australian Dollar was able to advance significantly against the Japanese Yen however, touching its strongest level since mid-2008 before a slight downward correction saw it trading in the region of 100.36 Yen.
NZD/JPY â€“ Trading Higher
The New Zealand Dollar approached an over four-year high against the Yen in the aftermath of the Bank of Japanâ€™s decision to double stimulus. However, with investors flocking to the safe-haven US Dollar as a result of the BOJâ€™s announcement the New Zealand Dollar slipped against its broadly strengthening US counterpart.
CAD/USD â€“ Trading Higher
The Canadian Dollar was able to achieve a six-week high against the US Dollar before the close of local trade on the expectation that employment data for the commodity-driven nation will show that the economy added 6,500 jobs. This afternoonâ€™s US employment data could also inspire â€˜Loonieâ€™ movement.
JPY/USD â€“ Trading Higher
In the aftermath of the Bank of Japanâ€™s latest policy meeting, in which stimulus was expanded, the Yen plummeted to a three and a half year low against the US Dollar. But the currency has since posted a modest gain against the â€˜Greenbackâ€™ as investors continue to process the central bankâ€™s decision.
South African Rand
ZAR/USD â€“ Little Changed
During local trade the Rand held steady against the US Dollar. The South African currency weakened yesterday before the European Central Bankâ€™s rate announcement, but experienced little movement after the ECB held rates. The Rand may fluctuate today in response to US non-farm payrolls data. With yesterdayâ€™s initial jobless claims data showing an unexpected rise in first time benefit claims, additional signs of weakness in the US labour market could cause the Dollar to decline.
As of Friday, 5th April 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1802, GBP USD exchange rate was 1.5332, GBP AUD exchange rate was 1.4767, GBP NZD exchange rate was 1.8182, GBP CAD exchange rate was 1.5602, GBP JPY exchange rate was 149.5988, and GBP ZAR exchange rate was 13.9555.