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Exchange Rate News: GBP/USD Bullish, EUR/USD Recovers Losses, NZD/AUD Climbs

Published: 6 Nov at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1915
Over the last few days the UK’s economic outlook has been brightened by stronger-than-anticipated construction and services PMI. The Pound has consequently enjoyed a bullish relationship with several of its main rivals and begins trading close to a four-week high against the Euro. However, further Sterling movement could occur following the release of UK industrial/manufacturing production reports.

US Dollar
USD/EUR – Trading in the Region of 0.7407
US ISM non-manufacturing data may have surprised to the upside yesterday, but the US Dollar has still softened against several of its major currency rivals as debate surrounding the likelihood of the Federal Reserve tapering stimulus continues.

EUR/USD – Trading in the Region of 1.3497
While the Euro trimmed losses against the US Dollar overnight the common currency remained locked in a bearish relationship with the Pound prior to the publication of UK industrial/manufacturing output data. The Euro did derive support early into the European session from better-than-forecast PMI reports, but movement was limited ahead of the release of retail sales data for the Eurozone.

Australian Dollar
AUD/USD – Trading in the Region of 0.9512
As data showed that Australia’s trade deficit narrowed, the ‘Aussie’ advanced on peers like the US Dollar and Pound. However, the South Pacific currency remained weaker against its bullish New Zealand counterpart.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8380
Overnight the ‘Kiwi’ surged against its peers as New Zealand’s economy added twice as many positions as forecast and the nation’s unemployment rate dropped to 6.2 per cent. This surprisingly strong employment report adds to the case for the Reserve Bank of New Zealand increasing rates next year.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9572
If today’s Canadian building permits report shows a rebound and the nation’s Ivey PMI increases the ‘Loonie’ could recover recent losses. As it stands the Canadian Dollar is languishing close to a two-month low against its US counterpart as a result of the price of crude oil falling.

Japanese Yen
USD/JPY – Trading in the Region of 98.5700
During the local session the Yen softened against the US Dollar and Euro. While the publication of minutes from the latest Bank of Japan policy meeting was influential, the Yen’s declines were mainly inspired by global developments.

South African Rand
USD/ZAR – Trading in the Region of 10.2050
While the Rand continues to trade above the psychological 10 Rand per US Dollar level the South African asset has strengthened slightly ahead of tomorrow’s mining/manufacturing production reports.
As of Wednesday, 6th November 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1899, GBP USD exchange rate was 1.6084, GBP AUD exchange rate was 1.6885, GBP NZD exchange rate was 1.9208, GBP CAD exchange rate was 1.676, GBP JPY exchange rate was 158.6817, and GBP ZAR exchange rate was 16.5066.
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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