Published: 8 Nov 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, Japan, South Africa,
GBP/EUR â€“ Trading in the Region of 1.1993
The Pound was happily heading towards five-day gains against the Euro and US Dollar prior to the release of UK trade data. However, with the report showing that the UKâ€™s trade deficit unexpectedly increased and separate figures revealing a surprising decline in domestic construction output, Sterling pared gains as the European session continued.
USD/EUR â€“ Trading in the Region of 0.7457
After yesterdayâ€™s report showed that the US economy expanded at a faster pace than forecast in the third quarter the US Dollar rallied. â€˜Greenbackâ€™ gains were limited ahead of todayâ€™s US non-farm payrolls data, but if the jobs figures surprise to the upside the US Dollar could strengthen further.
EUR/USD â€“ Trading in the Region of 1.3414
As investors processed the European Central Bankâ€™s unexpected rate cut and Standard & Poorâ€™s decision to downgrade France
, the Euro remained locked in a bearish relationship with several of its main rivals overnight. However, the common currencyâ€™s downward trajectory was slowed by positive German trade balance data.
AUD/USD â€“ Trading in the Region of 0.9460
Better-than-forecast import/export data for China
â€™s trade prospects and supported the â€˜Aussieâ€™ during the South Pacific session. The commodity-driven asset was able to recover much of the losses recorded earlier in the week as a result of a disappointing domestic employment report.
NZD/USD â€“ Trading in the Region of 0.8327
After broadly softening yesterday in response to declining Asian stocks, the New Zealand Dollar recovered declines against its US counterpart thanks to positive trade data for China.
CAD/USD â€“ Trading in the Region of 0.9557
While the â€˜Loonieâ€™ was little changed against the Pound as the European session began, the commodity-driven currency retained declines recorded against its US counterpart yesterday after the release of a strong GDP report for the worldâ€™s largest economy. Todayâ€™s Canadian employment data is likely to inspire additional movement before the weekend.
USD/JPY â€“ Trading in the Region of 98.1800
In the aftermath of yesterdayâ€™s positive US growth data the Yen softened against its US rival. The Asian asset remains slightly softer against the â€˜Buckâ€™ this morning as investors focus on the weekâ€™s big news, US non-farm payrolls. If the figures defy expectations and show strong jobs growth the odds of the Federal Reserve tapering stimulus before the spring will rise and the Yen could weaken against a supported US Dollar.
South African Rand
USD/ZAR â€“ Trading in the Region of 10.2143
After volatile trading yesterday the currency market quietened this morning, and the Rand was holding steady against peers like the Euro and Pound. However, with US non-farm payrolls data looming USD/ZAR fluctuations can be expected before the weekend.
As of Friday, 8th November 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1984, GBP USD exchange rate was 1.6018, GBP AUD exchange rate was 1.7067, GBP NZD exchange rate was 1.941, GBP CAD exchange rate was 1.6782, GBP CNY exchange rate was 9.7561, GBP JPY exchange rate was 158.6727, and GBP ZAR exchange rate was 16.546.