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Wed 3 Jun 2020 06:52GMT

Australian Dollar And Euro End Week On A High

Published: 7 Mar 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 1.6759
Following the Bank of England’s policy meeting the Pound was slightly stronger against the US Dollar. The British currency held gains against its US counterpart as investors bet that today’s US non-farm payrolls report will come in below estimate.

US Dollar
USD/GBP – Trading in the Region of 0.5975
Although investors are expecting today’s US employment data to disappoint, the ‘Greenback’ strengthened against the Yen thanks to comments issued by a Federal Reserve official. New York Fed President William Dudley remarked that the recent below-forecast reports wouldn’t dissuade the Fed from its path of tapering stimulus.

EUR/USD – Trading in the Region of 1.3872
The ECB’s decision to leave stimulus unaltered boosted the Euro yesterday and the common currency was able to achieve a two-month high against the US Dollar. The Euro is likely to hold gains into the weekend unless today’s German industrial production figures surprise.

Australian Dollar
AUD/USD – Trading in the Region of 0.9096
After a predominately bullish week the ‘Aussie’ closed the local session on a high as a run of positive Australian reports increased the odds of the RBA raising interest rates sooner rather than later.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8502
While the ‘Kiwi’ has been fairly range-bound this week due to a lack of economic reports for New Zealand, the commodity-driven currency was able to strengthen against the US Dollar on the back of upbeat Australian data. Next week the New Zealand Dollar is likely to experience greater volatility as the RBNZ delivers its rate decision.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9100
Surprisingly strong Canadian building permits and Ivey PMI data bolstered the Canadian Dollar yesterday. Further ‘Loonie’ movement can be expected to occur today in response to domestic employment figures.

Japanese Yen
USD/JPY – Trading in the Region of 102.8700
The Yen was heading for a five-day decline against the US Dollar as a Fed official intimated that the trimming of stimulus would continue even if domestic data fell short of forecasts.

South African Rand
USD/ZAR – Trading in the Region of 10.5770
After hitting a two-month high against the US Dollar the Rand softened slightly as trading began on Friday. If the US economy is shown to have added considerably less positions than forecast when the non-farm payrolls report is published the Rand could recover ground.
As of Friday, 7th March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2045, GBP USD exchange rate was 1.6715, GBP AUD exchange rate was 1.8428, GBP NZD exchange rate was 1.9741, GBP CAD exchange rate was 1.8532, GBP JPY exchange rate was 172.5989, and GBP ZAR exchange rate was 17.9283.
Laura Parsons About Author: (357 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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