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Exchange Rate News: Pound Little Changed, Euro Stronger, Aussie Falls

Published: 7 Jan at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6365
In spite of a report showing that the UK economic recovery is set to continue at an impressive pace, the Pound was little changed against the Euro and US Dollar having declined yesterday following the release of a slightly disappointing services report for the UK.

US Dollar
USD/GBP – Trading in the Region of 0.6101
The ‘Buck’ softened against its major rivals as a US services report failed to reach the level forecast and pro-stimulus Janet Yellen was confirmed as the next Federal Reserve Chairman. However, if today’s US trade balance report adds to the case for the Fed trimming stimulus this month the ‘Buck’ could enjoy a rebound.

Euro
EUR/USD – Trading in the Region of 1.3617
Early into European trading the Euro advanced on rivals like the Pound in response to encouraging German retail sales data. The common currency received additional support from the news that German unemployment fell.

Australian Dollar
AUD/USD – Trading in the Region of 0.8950
The Australian Dollar softened against its peers as the value of trade between Australia and its main trading partner dipped. Today’s US data could inspire additional ‘Aussie’ movement.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8269
Following another quiet trading session for the New Zealand Dollar the ‘Kiwi’ was little changed against rivals like the Euro and US Dollar. While tomorrow’s Chinese trade balance figures could affect the New Zealand Dollar investors will also be looking ahead to Thursday’s domestic building permits report.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9369
Comments issued by Canada’s Finance Minister regarding the prospect of a lower ‘Loonie’ caused the Canadian Dollar to post modest but widespread declines during local trading. However, if today’s Canadian Ivey Purchasing Managers Index delivers a positive result the commodity-driven currency might climb.

Japanese Yen
USD/JPY – Trading in the Region of 104.2700
After posting its most impressive gain against the US Dollar for over 10 weeks the Yen reversed gains and plummeted close to a five-year low as currency volatility fell and investors compared the contrasting policy stances of the Federal Reserve and the Bank of Japan.

South African Rand
USD/ZAR – Trading in the Region of 10.6060
While the Rand was able to recover some losses against its US counterpart as US ISM non-manufacturing data disappointed, the commodity-driven currency remained close to a five-year low against the ‘Greenback’. Global developments are likely to drive Rand movement today.
As of Tuesday, 7th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2044, GBP USD exchange rate was 1.6399, GBP AUD exchange rate was 1.839, GBP NZD exchange rate was 1.9806, GBP CAD exchange rate was 1.7669, GBP CNY exchange rate was 9.9233, GBP JPY exchange rate was 171.7375, and GBP ZAR exchange rate was 17.4502.
Laura Parsons About Author: (359 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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