Published: 10 Apr 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,
GBP/USD â€“ Trading Higher
The Pound was able to gain on the US Dollar yesterday after UK industrial/manufacturing production data exceeded economistâ€™s expectations, lessening the likelihood of the UK entering a triple-dip recession. The NIESR GDP estimate for March also showed a gain of 0.1 per cent, following a decline of 0.1 per cent in February. Sterling movement will be limited for the rest of the week due to a lack of UK news, but fluctuations could occur as a result of global economic developments.
USD/JPY â€“ Trading Higher
Although the US Dollarâ€™s recent advance on the Japanese Yen was halted after Federal Reserve Chairman Ben Bernanke commented that US economic recovery was not â€˜where we would like it to beâ€™, industry experts expect the â€˜Greenbackâ€™s bullish relationship with its safe-haven counterpart to continue. The US Dollar could experience movement this evening following the release of minutes from the latest FOMC meeting.
EUR/JPY â€“ Close to three-year high
The Euro advanced to a three-year high against safe-haven rival the Japanese Yen after the latter currencyâ€™s decline continued. The common currency was also able to climb against the US Dollar for a fifth day after the European bailout fund asserted that there was strong demand at a bond sale. With European news thin on the ground today additional Euro movement is likely to occur as a result of global economic developments.
AUD/USD â€“ Trading Higher
After Chinese data revealed that the nations imports increased by 14.1 per cent in March from a year earlier (rather than the 6 per cent gain economists had anticipated) the currency of Australia
, one of China
â€™s main trading partners, strengthened. The â€˜Aussieâ€™ climbed against most of its counterparts, notably extending gains against the US Dollar and Japanese Yen.
NZD/USD â€“ Trading Higher
The New Zealand Dollar was able to climb against the majority of its counterparts following the release of Chinese import data. With New Zealandâ€™s trade prospects bolstered by the news the â€˜Kiwiâ€™ climbed to 85.38 US Cents, the highest level achieved since September 2011, before a downward correction saw it trading in the region of 85.29. The New Zealand Dollar could experience additional movement following the release of a Performance of Manufacturing Index for the South Pacific nation.
CAD/USD â€“ Trading Lower
The Canadian Dollar advanced on its US counterpart over the course of local trade after Canadian housing starts rose by more than anticipated. However, the â€˜Loonieâ€™ pared gains after crude oil (a major Canadian export) fell. Two pieces of significant Canadian news are due for release tomorrow, the New Housing Price Index and initial jobless claims figures. Both could inspire â€˜Loonieâ€™ fluctuations. Todayâ€™s release of FOMC policy minutes will also be of interest.
JPY/USD â€“ Trading Lower
As the Bank of Japanâ€™s decision to implement unprecedented fiscal stimulus continued to impact the market the Yen slid against the majority of its most traded peers. Industry experts are forecasting that the Yen could decline to 100 Yen per Dollar as a result of the BOJâ€™s plan to double monthly bond purchases.
South African Rand
ZAR/USD â€“ Trading Higher
The Rand gained against the US Dollar over the course of trade on Tuesday and is holding steady prior to the release of minutes from the FOMCâ€™s latest policy meeting. The minutes are due for publication at 19:00 GMT.
As of Wednesday, 10th April 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1727, GBP USD exchange rate was 1.5323, GBP AUD exchange rate was 1.453, GBP NZD exchange rate was 1.7849, GBP CAD exchange rate was 1.5546, GBP CNY exchange rate was 9.491, GBP JPY exchange rate was 152.8993, and GBP ZAR exchange rate was 13.6433.