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Exchange Rate News: EUR/GBP Pares Gain, USD/GBP Could Surge

Published: 6 Dec 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 1.6338
Early into the European session the Pound was able to recover losses against the Euro as UK house price data showed that house prices rise by more than expected in November. But with the influential US employment report still to come notable market movement could occur.

US Dollar
USD/EUR – Trading in the Region of 0.7324
With several pieces of positive domestic data in the bag the US Dollar is approaching the weekend in a stronger position against the majority of its currency counterparts. If today’s US non-farm payrolls report adds to the case for the Federal Reserve tapering stimulus in December the ‘Greenback’ could climb further during local trading.

Euro
EUR/USD – Trading in the Region of 1.3656
While the Euro advanced on the US Dollar in the aftermath of the European Central Bank’s fairly neutral policy statement the common currency snapped a short run of gains against the Pound as the European session got underway. In the hours ahead additional EUR/GBP movement can be expected to occur in response to German factory orders figures. US non-farm payrolls are also set to inspire major market volatility.

Australian Dollar
AUD/USD – Trading in the Region of 0.9048
The ‘Aussie’ continued to languish close to multi-year lows against several of its major peers during Australasian trading. A report may have shown an increase in the nation’s construction output, but the RBA’s comments earlier in the week continue to weigh on the asset.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8184
Global developments have largely dictated the ‘Kiwi’s movement this week, with the result that the currency has shed 1.0 per cent against a supported US Dollar. Next week New Zealand Dollar volatility may be inspired by domestic card spending, consumer confidence and performance of manufacturing figures. Of course the Reserve Bank of New Zealand’s rate decision will be the major event to watch out for.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9388
The ‘Loonie’ may have had a fairly bearish week, but with economists forecasting that the Canadian economy added 15,000 positions in November the commodity-driven currency could recover losses before the weekend.

Japanese Yen
USD/JPY – Trading in the Region of 102.1000
The Yen stumbled against the US Dollar as appetite for the Asian asset waned ahead of today’s highly influential US non-farm payrolls report. The safe-haven currency also softened against all of its other main peers as action was taken to begin cutting domestic debt holdings in Japan.

South African Rand
USD/ZAR – Trading in the Region of 10.4010
The Rand tumbled against a strengthening US Dollar as news of Nelson Mandela’s death spread across the world. The emerging market asset was also feeling the pressure as the odds of the Federal Reserve tapering stimulus in December increased.
As of Friday, 6th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1928, GBP USD exchange rate was 1.6348, GBP AUD exchange rate was 1.7961, GBP NZD exchange rate was 1.9736, GBP CAD exchange rate was 1.7397, GBP JPY exchange rate was 168.2398, and GBP ZAR exchange rate was 16.8733.
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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