Published: 7 Nov 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,
GBP/EUR â€“ Trading in the Region of 1.1899
While the Pound was able to hold on to gains posted against the US Dollar in the wake of yesterdays positive UK industrial/manufacturing production figures, the British asset softened against the Euro as investors deemed the common currencyâ€™s recent drop excessive. However, if the Bank of England adopts a more hawkish tone in its policy statement the Pound could end the day on a high.
USD/EUR â€“ Trading in the Region of 0.7398
Although the US Dollar was able to gain on its Australian and New Zealand
counterparts overnight, the safe-haven â€˜Greenbackâ€™ was weaker against the Pound and Euro ahead of todayâ€™s central bank announcements. If todayâ€™s US GDP data confirms that economic growth slowed in the third quarter the US Dollar could slip further during local trading.
EUR/USD â€“ Trading in the Region of 1.3521
With the European Central Bankâ€™s rate decision and policy statement looming the Euro was able to modestly extend recent gains against the Pound and US Dollar. The expectation that the ECB will refrain from altering rates supported the common currency, although todayâ€™s German industrial production data could inspire movement.
AUD/USD â€“ Trading in the Region of 0.9486
Less-than-impressive domestic employment data saw the Australian Dollar post widespread declines against the majority of its most traded currency peers. However, â€˜Aussieâ€™ gains were limited as the Australian AiG performance of construction index surged from 47.6 to 54.4 and investors pared bets that the Reserve Bank of Australia
will issue a rate cut before the end of the year.
New Zealand Dollar
NZD/USD â€“ Trading in the Region of 0.8375
Before the Australasian session closed the â€˜Kiwiâ€™ softened against its US rival as Asian stocks fell, boosting demand for lower-risk assets. However, the New Zealand Dollar was able to rally against its Australian counterpart as employment data for the larger nation failed to meet estimates.
CAD/USD â€“ Trading in the Region of 0.9602
While Canadian building permits data failed to meet expectations, strong domestic Ivey PMI and rising commodity prices supported the â€˜Loonieâ€™ and helped the commodity-driven asset move away from an almost two-month low against the US Dollar.
USD/JPY â€“ Trading in the Region of 98.6600
As Asian stocks declined the safe-haven Yen strengthened against several of its most traded counterparts. However, early into the European session the Yen softened slightly against the US Dollar. The Yen was also trading lower against a bolstered Euro ahead of the ECB policy meeting.
South African Rand
USD/ZAR â€“ Trading in the Region of 10.2271
With influential mining/manufacturing data for South Africa
due for publication later today the Rand was fluctuating as the local session got underway. While positive data could help the Rand recoup recent losses, if US growth data surprises to the upside gains could be short lived.
As of Thursday, 7th November 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1998, GBP USD exchange rate was 1.6088, GBP AUD exchange rate was 1.7014, GBP NZD exchange rate was 1.9338, GBP CAD exchange rate was 1.6817, GBP JPY exchange rate was 157.9233, and GBP ZAR exchange rate was 16.5411.