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Exchange Rates Today: US Dollar Softer before US Non-Farm Payrolls

Published: 6 Feb at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Greece,

Pound Sterling
Although Friday’s UK trade data showed a widening in the nation’s deficit in December, the Pound remained trading in a stronger position against peers like the Euro and US Dollar. This week’s encouraging UK PMI’s and the belief that the Bank of England is one of the few major central banks with any intention of increasing interest rates kept Sterling supported.

US Dollar
A wider-than-expected US trade deficit and concerns that today’s US Non-Farm Payrolls report might come in below forecast left the US Dollar struggling against the Pound on Friday. However, an upbeat employment increase would be US Dollar supportive and could see the currency recoup all of its losses.

A less-than-impressive German industrial production report rounded off a fairly bearish week for the Euro. Although next week’s ecostats for the Eurozone will have an impact on the common currency, Euro movement is more likely to be driven by any developments in the Greek debt negotiations.

Australian Dollar
The ‘Aussie’ managed to close out the week trending in a stronger position against most of its currency counterparts as the Reserve Bank of Australia indicated that it would be avoiding further easing due to housing bubble concerns.

New Zealand Dollar
Although the New Zealand Dollar lost ground against a broadly bullish ‘Aussie’, this week’s positive developments for New Zealand left the commodity-driven currency in an elevated position against the US Dollar and Pound.

Canadian Dollar
A smaller-than-anticipated Canadian trade deficit and rising oil prices gave the ‘Loonie’ a boost on Thursday. The Canadian Dollar could record additional gains if today’s domestic employment figures surprise to the upside. A modest jobs gain of 5,000 has been forecast.
As of Friday, 6th February 2015, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.3473, GBP USD exchange rate was 1.5244, GBP AUD exchange rate was 1.9552, GBP NZD exchange rate was 2.071, and GBP CAD exchange rate was 1.9098.
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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