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Fri 19 Jul 2024 13:14GMT

Pound (GBP/USD) And Euro (EUR/USD) Approach Seven-Week Highs

Published: 8 Aug at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Greece, Ireland, Italy, Japan, South Africa, Portugal,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1600
After the Bank of England published its inflation report the Pound recovered from a brief dip and surged against its main rivals. As the European session began Sterling was heading for a seven-week high against the US Dollar and trading close to a month-high against the Euro.

US Dollar
USD/EUR – Trading in the Region of 0.7532
With risk-appetite supported by some surprisingly good news from China the US Dollar lost ground against several of its higher-risk rivals, including the Euro and ‘Aussie’. The safe-haven ‘Greenback’ could fluctuate in response to today’s US initial jobless claims report.

Euro (Currency of Germany, France, Spain, Italy, Portugal, Greece, Ireland etc)
EUR/USD – Trading in the Region of 1.3356
Better-than-forecast export data for Germany boosted the Euro against several of its most traded peers as the European session began. The positive result for the Eurozone’s largest economy helped the Euro strengthen to a seven-week high against its US counterpart.

Australian Dollar
AUD/USD – Trading in the Region of 0.9065
China’s surprisingly good trade data pushed the ‘Aussie’ to its highest level against the US Dollar this month. The South Pacific asset advanced on the majority of its main rivals despite the release of less-than-impressive employment data for Australia.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.7973
During Australasian trading the ‘Kiwi’ consolidated gains against its American counterpart. The New Zealand Dollar gained support from strong export/import data from China, one of New Zealand’s main trading partners.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9604
The ‘Loonie’ tumbled close to a month-low against the US Dollar yesterday as Canada’s building permits data and Ivey PMI disappointed expectations. Today’s Canadian new housing price index and US initial jobless claims figures are likely to be the main cause of further ‘Loonie’ movement.

Japanese Yen
USD/JPY – Trading in the Region of 96.4700
After the Bank of Japan’s policy meeting the Yen fluctuated against its main peers before ending the local session slightly weaker against the US Dollar. The BOJ opted to maintain its current level of asset purchases, as expected by economists.

South African Rand
ZAR/USD – Trading in the Region of 9.8678
Positive Chinese trade data supported commodity-driven currencies like the Rand overnight, and South Africa’s asset was able to strengthen against its US rival. Rand fluctuations can be expected to occur in response to domestic manufacturing data.
As of Thursday, 8th August 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.161, GBP USD exchange rate was 1.5536, GBP AUD exchange rate was 1.7077, GBP NZD exchange rate was 1.9433, GBP CAD exchange rate was 1.6049, GBP CNY exchange rate was 9.5099, GBP JPY exchange rate was 150.175, and GBP ZAR exchange rate was 15.2876.
Laura Parsons About Author: (360 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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