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Exchange Rate News: Pound And Euro Pressured Before Central Bank Meetings

Published: 6 Feb at 10 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,

Pound Sterling
GBP/USD – Trading in the Region of 1.6291
Before the Bank of England delivered its rate decision the Pound continued to trade lower against the US Dollar and Euro. Sterling experienced minimal movement after a report showed a stronger-than-forecast increase in UK house prices last month, but the currency could fluctuate if the BoE surprises expectations.

US Dollar
USD/GBP – Trading in the Region of 0.6137
While a disappointing private employment report knocked the appeal of the ‘Greenback’ ahead of tomorrow’s US non-farm payrolls figures, the US Dollar was largely able to recover losses thanks to an encouraging ISM non-manufacturing reading. Today’s US initial jobless claims and trade balance data may trigger US Dollar movement.

EUR/USD – Trading in the Region of 1.3524
After yesterday’s surprisingly downbeat retail sales report for the Eurozone left the Euro softer, the common currency came under additional pressure as investors speculated on the outcome of today’s European Central Bank rate decision. German factory order figures may also impact the Euro.

Australian Dollar
AUD/USD – Trading in the Region of 0.8943
As Australia was shown to have recorded a surprise trade surplus in December the ‘Aussie’ was boosted against the majority of its currency counterparts. The asset brushed a three-week high against the US Dollar and was stronger against the Pound and Euro.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8217
Although the ‘Kiwi’ remained supported against several of its rivals thanks to this week’s positive employment data for New Zealand, a lack of domestic economic news left the currency trading in a fairly narrow range. It also slipped against a broadly strengthening ‘Aussie’.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9033
The ‘Loonie’ largely held on to recent gains against the US Dollar ahead of tomorrow’s domestic jobs figures. While today’s Canadian Ivey PMI report could impact the commodity-driven currency, movement may be limited before Friday.

Japanese Yen
USD/JPY – Trading in the Region of 101.3900
After local foreign bond buying data was published and the Bank of Japan’s deputy governor spoke at a press conference the Yen advanced on its US counterpart. Today’s US employment reports could have an impact on the USD/JPY pairing.

South African Rand
USD/ZAR – Trading in the Region of 11.1387
With central bank decisions in Europe demanding investors’ attention today the Rand was able to eke out modest gains against several of its most traded currency counterparts. As the Rand tracks the Euro the ECB’s policy statement will be of particular interest.
As of Thursday, 6th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2008, GBP USD exchange rate was 1.6321, GBP AUD exchange rate was 1.8239, GBP NZD exchange rate was 1.9797, GBP CAD exchange rate was 1.8069, GBP JPY exchange rate was 166.5367, and GBP ZAR exchange rate was 18.0157.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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