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Exchange Rate News: Pound Softer, US Dollar Stronger

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

Pound Sterling
GBP/USD– Trading in the Region 1.6461
Although the Pound began the day positively, the British asset began to decline during European trading as industrial/construction/manufacturing reports failed to reach estimates. These disappointing results bring the UK’s fourth quarter growth into question and are likely to keep the Pound trading lower today.

US Dollar
USD/GBP – Trading in the Region of 0.6071
The US Dollar might have given up some gains against peers like the Pound but the safe-haven currency could still end the week on a high if today’s US non-farm payrolls report adds to the case for the Federal Reserve tapering stimulus this month.

EUR/USD – Trading in the Region of 1.3609
The Euro ends the week little changed against the US Dollar having gained in response to positive economic reports for the Eurozone and slipped in reaction to ECB rate cut concerns. The common currency was slightly softer against the Pound before UK growth data was released.

Australian Dollar
AUD/USD – Trading in the Region of 0.8901
During Australasian trading the ‘Aussie’ clawed back some ground against the US Dollar as an Australian new home sales report showed a 7.5 per cent surge. Although Australian Dollar gains were limited by China’s less-than-impressive trade balance report, the currency was able to trim its five-day decline against the ‘Greenback’ before today’s US non-farm payrolls figures.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8241
A lack of significant domestic economic news has limited ‘Kiwi’ movement over the last few days. While the currency has experienced modest fluctuations in response to global economic developments, investors are looking ahead to next week’s card spending and house sales reports for New Zealand.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9223
Although today’s Canadian employment figures could help the Canadian Dollar recover ground, the ‘Loonie’ is likely to end the week having posted five-day declines against the majority of its rivals. During the European session the Canadian Dollar remained close to a four-year low against the ‘Buck’.

Japanese Yen
USD/JPY – Trading in the Region of 104.9500
The Yen was holding steady against the ‘Greenback’ before the weekend but could edge lower if the US employment reports scheduled for release later today meet or exceed estimates.

South African Rand
USD/ZAR – Trading in the Region of 10.7180
The increasing odds of the Federal Reserve reducing stimulus at a slow but steady pace left the Rand trading in the region of a five-year low against the US Dollar. Unrest in the local labour market also piled pressure on the commodity-driven currency.
As of Friday, 10th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2058, GBP USD exchange rate was 1.6483, GBP AUD exchange rate was 1.8322, GBP NZD exchange rate was 1.9853, GBP CAD exchange rate was 1.7957, GBP CNY exchange rate was 9.9755, GBP JPY exchange rate was 171.6943, and GBP ZAR exchange rate was 17.5437.
Laura Parsons About Author: (359 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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