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Mon 13 Jul 2020 06:38GMT

ZAR At 2014 High, GBP Strengthens

Published: 8 Apr at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, France, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6710
On Tuesday the Pound strengthened against the majority of its currency rivals as industrial and manufacturing output reports for the UK trumped expectations. Sterling advanced on the Euro and US Dollar ahead of the release of the British GDP estimate for March.

US Dollar
USD/GBP – Trading in the Region of 0.5983
The ‘Greenback’ spent most of the European session in a weaker position against peers like the Pound, Euro and Rand. With influential US news limited today, the US Dollar is likely to trade in a narrow range.

Euro
EUR/USD – Trading in the Region of 1.3768
Although France posted a narrower than forecast trade deficit for February, Euro gains were restrained ahead of tomorrow’s German trade balance data. The common currency remained stronger against the US Dollar but slipped against a supported Pound.

Australian Dollar
AUD/USD – Trading in the Region of 0.9338
In spite of a report showing a decline in Australia’s business confidence, the ‘Aussie’ continued trading in the region of a five-month high against its US rival. The Australian Dollar largely held previous gains against peers like the Euro and Pound.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8675
The New Zealand Dollar closed the local session little-changed against its currency counterparts. Overnight the commodity-driven currency was supported by a positive domestic NZIER business opinion survey for the first quarter.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9150
The ‘Loonie’ edged away from Friday’s highs yesterday but continued trading above 91 US cents. Today the Canadian Dollar could extend its advance if Canada’s housing starts and building permits reports impress.

Japanese Yen
USD/JPY – Trading in the Region of 102.5500
The Bank of Japan’s decision to refrain from introducing additional stimulus boosted the Yen overnight and the Asian asset advanced on the majority of its most traded rivals.

South African Rand
USD/ZAR – Trading in the Region of 10.4445
As the local session progressed on Tuesday the Rand hit its strongest level for 2014 against the US Dollar. South African data is limited until Thursday, but emerging market assets like the Rand may continue deriving underlying support ahead of the publication of minutes from the latest Federal Open Market Committee policy meeting.
As of Tuesday, 8th April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2142, GBP USD exchange rate was 1.6748, GBP AUD exchange rate was 1.7912, GBP NZD exchange rate was 1.9328, GBP CAD exchange rate was 1.83, GBP JPY exchange rate was 170.637, and GBP ZAR exchange rate was 17.5302.
Dominic Lee About Author: (421 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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