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Fri 24 Sep 2021 00:52GMT

Pound Supported By Trade Data, USD Recovers Ground, AUD Boosted

Published: 9 Apr at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6743
Yesterday’s unexpectedly good industrial, manufacturing and GDP reports for the UK helped the Pound advance against several of its peers. Sterling was able to consolidate these modest gains today following the release of data showing that the UK’s trade deficit narrowed by more than forecast.

US Dollar
USD/GBP – Trading in the Region of 0.5974
After softening against the majority of its most traded currency counterparts yesterday, the US Dollar firmed slightly overnight. Movement in the safe-haven asset remains constrained ahead of the publication of minutes from the latest Federal Open Market Committee meeting.

EUR/USD – Trading in the Region of 1.3805
The Euro was trading in a narrow range against the US Dollar today but did fluctuate against the Pound as German trade data fell short of forecasts. The European Central Bank’s monthly report may spark more notable Euro volatility tomorrow.

Australian Dollar
AUD/USD – Trading in the Region of 0.9365
An unexpected surge in Australian home loans boosted the ‘Aussie’ and the commodity-driven currency closed the local session in a stronger position against its peers. With Australian employment figures looming additional ‘Aussie’ movement is likely.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8682
Australia’s impressive home loans report helped the ‘Kiwi’ gain on several of its rivals even as domestic data showed stagnation in New Zealand’s retail card spending.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9151
Yesterday the Canadian Dollar pared some of its recent gains as Canadian building permits plummeted by 11.6 per cent in February rather than falling by 2.6 per cent as expected. January’s decline was also negatively revised. A lack of domestic data may limit ‘Loonie’ movement today but the FOMC minutes could have an impact.

Japanese Yen
USD/JPY – Trading in the Region of 102.0900
Although the US Dollar has clawed back some of its recent, extensive decline against the Yen, the Asian currency is enjoying a bullish relationship with several of its counterparts as a result of the Bank of Japan’s reluctance to introduce additional stimulus.

South African Rand
USD/ZAR – Trading in the Region of 10.4283
Higher-risk assets became more appealing yesterday after the IMF released a report positively revising growth estimates for several emerging market nations. The Rand was stronger against the US Dollar over the course of trading on Wednesday.
As of Wednesday, 9th April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2122, GBP USD exchange rate was 1.6793, GBP AUD exchange rate was 1.7909, GBP NZD exchange rate was 1.927, GBP CAD exchange rate was 1.8278, GBP JPY exchange rate was 171.3564, and GBP ZAR exchange rate was 17.4445.
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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