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Tue 27 Oct 2020 17:54GMT

Pound Jumps After UK Services PMI, EUR/USD At 7-Week High

Published: 6 May 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 1.6945
During the local session the Pound advanced on the majority of its currency counterparts as a result of surprisingly upbeat UK services data. If the Bank of England offers a more hawkish policy statement on Thursday, Sterling’s upward momentum could continue.

US Dollar
USD/GBP – Trading in the Region of 0.5899
On Friday the ‘Greenback’ initially strengthened in response to the strong US non-farm payrolls data, but the news that the US participation rate declined put pressure on the currency. Today US Dollar volatility could occur in response to US trade balance figures.

EUR/USD – Trading in the Region of 1.3925
Encouraging services reports for the Eurozone and its largest economies helped the Euro achieve a 7-week high against the US Dollar on Tuesday. The Euro was also boosted by a surprise increase in retail sales in the currency bloc.

Australian Dollar
AUD/USD – Trading in the Region of 0.9302
Although the ‘Aussie’ came under pressure on Monday following the release of disappointing Chinese manufacturing figures, the Australian Dollar experienced a rebound after the Reserve Bank of Australia left interest rates unchanged.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8725
As economists expect New Zealand’s employment figures to confirm that the nation’s jobless rate softened to 5.9 per cent in the first quarter the ‘Kiwi’ was enjoying a bullish relationship with the majority of its currency counterparts.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9140
The ‘Loonie’ was able to close local trading on Monday in a slightly stronger position against its US rival. Today’s Canadian international merchandise trade figures and Ivey Purchasing Managers Index could be responsible for further Canadian Dollar movement.

Japanese Yen
USD/JPY – Trading in the Region of 101.9900
The Yen rallied against several of its peers yesterday as China’s lacklustre manufacturing data and ongoing Ukraine concerns pushed investors towards the safe-haven asset. The Japanese currency brushed a two-week high against the US Dollar.

South African Rand
USD/ZAR – Trading in the Region of 10.5075
While the Rand tumbled yesterday after the release of poor domestic employment figures and less-than-impressive Chinese data, the Rand steadied on Tuesday. The next piece of South African data to be aware of, the nation’s manufacturing production figures, are due out on Thursday.

As of Tuesday, 6th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2189, GBP USD exchange rate was 1.6974, GBP AUD exchange rate was 1.816, GBP NZD exchange rate was 1.9514, GBP CAD exchange rate was 1.8489, GBP CNY exchange rate was 10.5676, GBP JPY exchange rate was 172.6171, and GBP ZAR exchange rate was 17.8166.
Dominic Lee About Author: (438 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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