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Fri 21 Feb 2020 08:33GMT

Exchange Rate Outlook: Pound, Euro, US Dollar, Aussie And Yen

Published: 8 Oct 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,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1836
While the Pound began the European session trading above yesterday’s opening levels against the Euro, the GBP/EUR pairing remains under pressure ahead of this week’s UK manufacturing/industrial production figures and Bank of England policy meeting. Speculation that Sterling’s rally was excessive could also prevent the British asset from advancing in the hours ahead.

US Dollar
USD/EUR – Trading in the Region of 0.7370
US Dollar weakness continued overnight as President Barack Obama exacerbated default fears by asserting that negotiating over the debt ceiling is not an option. The ‘Greenback’ could recover ground if today’s US trade balance data is strong, but with the federal shutdown weighing on the nation’s economic growth outlook, gains may be limited.

Euro
EUR/USD – Trading in the Region of 1.3569
A slightly below estimate export/trade balance report for Germany left the Euro fluctuating early into the European session. The common currency retained overnight gains against the Pound but softened slightly against the US Dollar prior to the publication of German factory orders figures.

Australian Dollar
AUD/USD – Trading in the Region of 0.9440
During the Australasian session surprisingly strong Australian business confidence figures helped the ‘Aussie’ recoup losses against the US Dollar and claw back ground against the Yen. The South Pacific asset was also supported by the news that China’s services industry expanded in September, albeit by less-than-expected.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8287
The ‘Kiwi’ enjoyed a modest rebound against peers like the US Dollar and Pound as business sentiment in New Zealand climbed to a 14-year high. If today’s domestic card spending data also surprises to the upside the ‘Kiwi’ could extend gains.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9687
A lacklustre domestic building permits report and falling crude oil futures weighed on the commodity-driven Canadian Dollar during local trading. The ‘Loonie’ may experience additional fluctuations in response to today’s domestic housing starts figures, but US news will be the main catalyst of market movement once again.

Japanese Yen
USD/JPY – Trading in the Region of 97.0900
As Asian stocks advanced for the first time in two-day’s the Yen’s bullish relationship with the US Dollar hit a bit of a roadblock. The Yen moved away from its recent 8-week high against the ‘Greenback’, but could recover losses if the odds of the US defaulting increase.

South African Rand
USD/ZAR – Trading in the Region of 9.9915
The ongoing US Federal Shutdown has left the Rand trading in a tight range against its US rival. While today’s US trade balance data could impact the USD/ZAR pairing, this week’s major South African data is due out on Thursday – so movement may be somewhat stilted until then.
As of Tuesday, 8th October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1844, GBP USD exchange rate was 1.6097, GBP AUD exchange rate was 1.7041, GBP NZD exchange rate was 1.935, GBP CAD exchange rate was 1.6672, GBP CNY exchange rate was 9.8528, GBP JPY exchange rate was 155.9324, and GBP ZAR exchange rate was 16.0309.
Laura Parsons About Author: (357 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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