Published: 9 Sep at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, South Africa,
The Pound (GBP) has been trending lower on Tuesday following the recent Sterling flop in the currency market, in the run up to the Scottish Referendum. The Pound, however, may gain some ground following todayâ€™s Manufacturing and Industrial Production figures from July, which have proved positive. The Pound is currently trading at 1.6110 versus the US Dollar (USD).
The Euro (EUR) has dipped against its major peers this week reaching only 1.2867 at present against the US Dollar (USD); following poor Business Confidence figures on Monday. The Sentix index showed a steeper dip in sentiment than expected. The forecast was for a figure of 1.4 index points in September; however the published figure fell into the negatives at -9.8.
US Dollar (USD)
The US Dollar (USD) is currently proving popular against its peers, following a string of positive figures and a more encouraging outlook from the Federal Reserve. Monday saw the release of US Consumer Credit which jumped to $26.01B in July, higher than the forecast $17.000B. The US Dollar (USD) is attaining highs of 0.6226 against the Pound (GBP) so far this session.
Canadian Dollar (CAD)
The Canadian Dollar (CAD) has been trending lower following the shockingly low Canadian employment figures on Friday. The â€˜Loonieâ€™ may register gains following the release of todayâ€™s domestic Housing Starts figures. They are expected to show 195.0K new properties under construction. The Canadian Dollar could be bolstered on Thursday by the release of the New Housing Price Index which is expected to grow by 0.2% month-on-month in July. The Canadian Dollar is trending between the range of 0.9089 and 0.9118 versus the US Dollar (USD) on Tuesday.
Australian Dollar (AUD)
The Australian Dollar (AUD) has dropped significantly against the US Dollar (USD) on Tuesday, falling down to lows of 0.9248. The â€˜Aussieâ€™ spent yesterday trading in the 93 US cents region, and has remained stubbornly high for some time. However, Australian Business Confidence dipped on Tuesday, only achieving 8 index points in August, in comparison to Julyâ€™s 10 which has caused the â€˜Aussieâ€™ to soften.
The New Zealand Dollar (NZD) has tumbled against the US Dollar (USD) on Tuesday at 0.8246, its lowest point in six months, as hopes are growing that the US Federal Reserve will hike rates sooner than expected. Forex expert Tim Kelleher stated: â€˜The US Dollar is stronger across the board - every market is pre-empting the Fed.â€™
South African Rand (ZAR)
The South African Rand (ZAR) dipped on Tuesday as South Africa
â€™s Current Account Deficit figures have disappointed. This morningâ€™s data shows the deficit widened more than expected, at 6.2% of Gross Domestic Product. Declining commodity prices have also affected the Randâ€™s value against other majors. The US Dollar (USD) is trending at 10.8709 versus the South African Rand (ZAR) on Tuesday.
As of Tuesday, 9th September 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.2452, GBP USD exchange rate was 1.6107, GBP AUD exchange rate was 1.7491, GBP NZD exchange rate was 1.9521, GBP CAD exchange rate was 1.7685, and GBP ZAR exchange rate was 17.5817.