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Tue 16 Apr 2024 05:47GMT

Pound Close to 2 1/2 Month High Against Euro, US Dollar Boosted

Published: 9 May at 12 PM 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/USD – Trading in the Region of 1.6900
After advancing on the majority of its peers earlier in the week, the Pound softened slightly against the US Dollar and Euro on Friday. Although reports showed that UK manufacturing production rose by more than anticipated in March, the pace of construction output unexpectedly declined.

US Dollar
USD/GBP – Trading in the Region of 0.5907
As yesterday’s US initial jobless claims report surprised to the upside the US Dollar pared previous declines and approached the weekend in a stronger position. If today’s US JOLTs job openings data also delivers a good result further ‘Greenback’ gains are likely.

EUR/USD – Trading in the Region of 1.3818
On Thursday the European Central Bank hinted that it was prepared to introduce further stimulus next month. Consequently, the Euro sank to a 2 ½ month low against the Pound and softened against several of its other most-traded currency counterparts. Less-than-impressive German trade figures piled on the pressure on Friday.

Australian Dollar
AUD/USD – Trading in the Region of 0.9362
The ‘Aussie’ fluctuated after the Reserve Bank of Australia’s monetary policy statement was published. The statement contained a negative revision to the central bank’s inflation forecast. Australian Dollar declines also occurred after China’s consumer price inflation fell short of expectations.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8638
Despite the release of disappointing card spending data for New Zealand and additional RBNZ comments the ‘Kiwi’ closed the local session in a moderately stronger position against the Pound.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9246
Widespread Canadian Dollar gains occurred following the publication of an upbeat domestic new housing price index. The ‘Loonie’s upward momentum could continue if today’s Canadian employment figures impress.

Japanese Yen
USD/JPY – Trading in the Region of 101.7100
The Yen was poised to record a five-day gain of 0.5 per cent against the US Dollar ahead of today’s North American employment report.

South African Rand
USD/ZAR – Trading in the Region of 10.3280
South Africa’s trouble-free general election helped boost the Rand as the week drew to an end. The emerging-market currency largely held gains recorded earlier in the week as a result of China’s trade figures.
As of Friday, 9th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2247, GBP USD exchange rate was 1.6849, GBP AUD exchange rate was 1.7998, GBP NZD exchange rate was 1.9566, GBP CAD exchange rate was 1.8363, GBP CNY exchange rate was 10.4929, GBP JPY exchange rate was 171.6411, and GBP ZAR exchange rate was 17.4424.
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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