Published: 8 Apr 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,
GBP/USD â€“ Little Changed
After rising last week on the back of better-than-expected UK Services PMI, the Pound was little changed against the US Dollar this morning. Sterling continues to trade in the region of 1.5339 against its American rival, even after a report revealed that UK business sentiment and hiring intentions improved in March. The Pound may experience movement in the early hours of tomorrow morning following the release of RICS House Price Balance figures.
USD/EUR â€“ Holding declines
The â€˜Greenbackâ€™ held on to three days of declines against the Euro in response to Fridayâ€™s disappointing US employment data. The safe-haven American currency continued to trade higher against the Japanese Yen however as the Bank of Japanâ€™s plans to increase stimulus turned the Yen bearish. The US Dollar could fluctuate this evening after Federal Reserve Chairman Ben S Bernanke speaks at the Atlanta Fed Conference.
EUR/JPY â€“ Trading Higher
The main causes of Euro movement in the hours ahead are likely to be Sentix Investor Confidence figures for the currency bloc and Industrial Production data for Germany
. If either of these reports should negatively impact the Eurozoneâ€™s economic outlook the Euro could decline against its peers.
AUD/USD â€“ Trading Lower
Although an absence of significant Australian economic news has limited movement in the â€˜Aussieâ€™, the South Pacific currency continued to achieve new highs against the Japanese Yen during local trade. With the Yen broadly weakening in reaction to the Bank of Japanâ€™s stimulus decision the Australian Dollar was able to achieve its highest level against the Yen since the 1990s. The â€˜Aussieâ€™ is likely to experience notable movement ahead of Wednesdayâ€™s trade data for China
and Thursdayâ€™s Australian jobs report.
NZD/JPY â€“ Trading Higher
During local trade the â€˜Kiwiâ€™ hit new highs against the Japanese Yen on the back of the BOJâ€™s plan to double monthly bond purchases. The New Zealand Dollar may fluctuate tomorrow following the release of domestic Card Spending figures, but significant â€˜Kiwiâ€™ movement is expected to follow Wednesdayâ€™s Chinese Trade Balance data for March.
CAD/USD â€“ Trading Lower
On Friday the Canadian economy posted disappointing employment data, and the â€˜Loonieâ€™ plummeted as a result. Although economists had envisaged a gain of 6,500 jobs the figures showed that 55,000 full time positions were lost in March. After the data was released the Canadian Dollar shed more than a cent against its American rival, although an upward correction saw the currency close trade at 98.39 US Cents. Of interest to the â€˜Loonieâ€™ today is the Canadian Business Outlook Future Sales report for the first quarter.
JPY/USD â€“ Trading at lowest level since 2009
Although the Yen trimmed losses after data revealed a larger than forecast Japanese current account surplus, the Asian currency fell to its lowest level against the US Dollar since mid-2009 as the BOJâ€™s decision to increase stimulus continued to impact the market.
South African Rand
ZAR/USD â€“ Trading Higher
After Fridayâ€™s US employment figures failed to meet expectations the Rand rallied against its American peer, achieving R9.0925 before the close of trade. The South African currency is holding firm against the US Dollar this morning, unaffected by the release if March Foreign Reserves figures.
As of Monday, 8th April 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1722, GBP USD exchange rate was 1.5259, GBP AUD exchange rate was 1.4654, GBP NZD exchange rate was 1.8034, GBP CAD exchange rate was 1.5514, GBP CNY exchange rate was 9.4655, GBP JPY exchange rate was 151.9751, and GBP ZAR exchange rate was 13.709.