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Exchange Rate News: CAD/USD At Four-Year Low, EUR/USD Recovers

Published: 9 Jan at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6455
With the UK’s economic outlook brightening and the Bank of England expected to leave stimulus unchanged when it meets today the Pound approached a two-year high against the ‘Greenback’ and held its own against a fluctuating Euro.

US Dollar
USD/GBP – Trading in the Region of 0.6075
Although the FOMC minutes implied that the Fed plans to taper stimulus further in the months ahead, the fact that they didn’t detail the next policy step to any degree saw the US Dollar edge lower against some of its currency counterparts. However, the ‘Buck’ is receiving underlying support from the expectation that tomorrow’s non-farm payrolls figures will show the US labour market improving.

EUR/USD – Trading in the Region of 1.3609
After slumping to a five-week low against the US Dollar earlier in the week the Euro was able to enjoy a modest rebound as investors speculated on the likelihood of the European Central Bank leaving policy unaltered. Today’s economic confidence report for the Eurozone is also expected to show improvement.

Australian Dollar
AUD/USD – Trading in the Region of 0.8875
Although ‘Aussie’ losses were limited by a surprisingly upbeat retail sales report for Australia, the South Pacific asset did soften against rivals like the US Dollar as the prospect of further Fed tapering took a toll.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8266
A strong building permits figure from New Zealand helped the ‘Kiwi’ recover some ground against the US Dollar, although the currency did drift away from its five-year high against the Australian Dollar as a result of Australia’s buoyant retail sales result.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9234
After hitting its lowest level against the US Dollar for over three years the ‘Loonie’ continued to trade lower into the European session. However, the Canadian Dollar could rebound if today’s domestic housing starts and housing price reports impress.

Japanese Yen
USD/JPY – Trading in the Region of 104.9600
As Australasian trading came to a close the Yen was little changed against the US Dollar having retained declines on the expectation that the Fed intends to continue trimming stimulus in the months ahead.

South African Rand
USD/ZAR – Trading in the Region of 10.7450
Strike fears and US tapering concerns sat heavily on the Rand and pushed the currency to five-year lows against the US Dollar. Today’s South African manufacturing production report could be responsible for more Rand movement.
As of Thursday, 9th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.211, GBP USD exchange rate was 1.6477, GBP AUD exchange rate was 1.8521, GBP NZD exchange rate was 1.9983, GBP CAD exchange rate was 1.7871, GBP JPY exchange rate was 172.7444, and GBP ZAR exchange rate was 17.7908.
Dominic Lee About Author: (443 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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