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Tue 16 Apr 2024 06:18GMT

Pound (GBP) Euro (EUR) Steady Before BoE And ECB Announcements

Published: 8 May at 11 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 of 1.6961
The Pound began the day slightly lower against the Euro but holding steady against the US Dollar. Unless the Bank of England issues a surprise policy statement today Sterling movement might be stilted.

US Dollar
USD/GBP – Trading in the Region of 0.5897
After Federal Reserve Chairwoman Janet Yellen issued dovish comments and intimated that interest rate increases are a long way off the ‘Greenback’ softened against several of its counterparts. As Ukraine tensions eased the safe-haven US Dollar lost further appeal.

EUR/USD – Trading in the Region of 1.3925
Although the common currency came under pressure after German industrial production figures fell shy of forecasts, Euro movement was a little limited before the European Central Bank delivers its rate decision. Any comments regarding the future introduction of additional stimulus would be Euro-negative.

Australian Dollar
AUD/USD – Trading in the Region of 0.9380
A surprisingly strong Australian employment report and better-than-forecast Chinese trade data boosted the ‘Aussie’ against the majority of its currency counterparts overnight. The Australian unemployment rate held at 5.8 per cent in April instead of rising to 5.9 per cent as forecast.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8659
The ‘Kiwi’ faltered after the Reserve Bank of New Zealand hinted at the prospect of intervening in the currency market and failed to recoup losses overnight. The New Zealand Dollar remains in a softer position against its US and Australian rivals.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9192
An unexpected drop in Canadian building permits wore on the ‘Loonie’ overnight and pushed the commodity-driven currency lower against the Pound and ‘Greenback’. Today’s Canadian housing starts and new housing price index could have an impact in the hours ahead.

Japanese Yen
USD/JPY – Trading in the Region of 101.7900
After the US Dollar was weakened by Fed Chairwoman Janet Yellen’s dovish statement the Yen strengthened against its North American peer. The Asian asset was holding steady against several of its other rivals.

South African Rand
USD/ZAR – Trading in the Region of 10.3193
China’s comparatively upbeat trade data boosted the Rand as local trading began. With South Africa’s manufacturing report due out at 12:00 GMT further Rand movement is likely.
As of Thursday, 8th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2235, GBP USD exchange rate was 1.6934, GBP AUD exchange rate was 1.8071, GBP NZD exchange rate was 1.9579, GBP CAD exchange rate was 1.8341, GBP CNY exchange rate was 10.5465, GBP JPY exchange rate was 172.0474, and GBP ZAR exchange rate was 17.5066.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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