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Wed 3 Jun 2020 06:22GMT

Euro (EUR) Still Riding High, New Zealand Dollar (NZD) Struggling

Published: 10 Mar 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 of 1.6699
On Friday the Pound softened against a broadly bolstered US Dollar and the GBP/USD pairing is little changed today. A lack of significant UK data may restrain Pound movement in the hours ahead, although economists will be looking ahead to Wednesday’s trade figures.

US Dollar
USD/GBP – Trading in the Region of 0.5988
A surprisingly upbeat US non-farm payrolls report helped the US Dollar advance on almost all of its currency counterparts. The safe-haven ‘Greenback’ has also been boosted by the potentially volatile Crimea situation.

Euro
EUR/USD – Trading in the Region of 1.3891
The Euro largely held last week’s gains over the weekend and began the local session enjoying a bullish relationship with peers like the Pound. Today’s Eurozone Sentix investor confidence report could trigger further Euro fluctuations.

Australian Dollar
AUD/USD – Trading in the Region of 0.9042
China’s less-than-impressive trade data saw the ‘Aussie’ soften over the weekend. Tomorrow’s Australian NAB business confidence report and Westpac consumer confidence indexes could be responsible for directing Australian Dollar movement.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8464
With the Reserve Bank of New Zealand’s policy meeting looming, the ‘Kiwi’ continued trading in a fairly narrow range with several of its major peers. If the central bank acts as economists expect and introduces a rate increase on Wednesday the New Zealand Dollar could rally.

Canadian Dollar
CAD/USD – Trading in the Region of 0.8995
Friday’s disappointing Canadian employment data triggered resurgence in speculation regarding the odds of a Bank of Canada rate cut and the ‘Loonie’ weakened. Today’s Canadian housing starts report may inspire further Canadian Dollar movement.

Japanese Yen
USD/JPY – Trading in the Region of 103.2300
Renewed Ukraine tensions pushed investors towards safe-haven assets over the weekend and the Yen strengthened even as Japan’s economy was shown to have expanded by less-than-forecast in the fourth quarter.

South African Rand
USD/ZAR – Trading in the Region of 10.7390
With China’s trade data falling short of the mark, the commodity-driven Rand began the week on the back foot. An absence of significant South African data could restrict Rand movement today, although with domestic business confidence, current account and mining production reports all on the cards for this week Rand fluctuations are likely.
As of Monday, 10th March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.199, GBP USD exchange rate was 1.6639, GBP AUD exchange rate was 1.8441, GBP NZD exchange rate was 1.964, GBP CAD exchange rate was 1.8496, GBP CNY exchange rate was 10.2141, GBP JPY exchange rate was 171.7916, and GBP ZAR exchange rate was 17.92.
Dominic Lee About Author: (412 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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