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Mon 13 Jul 2020 05:23GMT

USD Tumbles after Dovish FOMC Meeting Minutes, AUD Climbs

Published: 10 Apr at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6766
Ahead of the Bank of England’s rate decision the Pound was holding steady against several of its most traded currency counterparts. The GBP/USD pairing surged overnight in response to dovish Federal Open Market Committee meeting minutes.

US Dollar
USD/GBP – Trading in the Region of 0.5961
The US Dollar closed North American trading in a broadly softer position as the Federal Reserve undermined hopes for an interest rate increase occurring in the near term. Later today additional ‘Greenback’ movement could occur as a result of US initial jobless claims and continuing claims figures.

EUR/USD – Trading in the Region of 1.3852
While the Euro posted notable gains against a bearish US Dollar, the common currency was trading in a fairly narrow range against the Pound before the Bank of England’s rate decision. Today reports showed that French consumer prices rose at a slower-than-forecast pace in March while industrial production increased by less-than-expected.

Australian Dollar
AUD/USD – Trading in the Region of 0.9451
Surprisingly impressive Australian employment data pushed the ‘Aussie’ higher against its currency counterparts. The Australian Dollar did pare gains after China released concerning trade figures, but managed to close the local session in the region of a 4 ½ month high against the US Dollar.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8718
An encouraging performance of manufacturing index for New Zealand and upbeat Australian employment data bolstered the ‘Kiwi’ overnight. The New Zealand Dollar is currently enjoying bullish relationships with several of its most traded currency peers.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9189
Yesterday the ‘Loonie’ strengthened against its pressured US peer. Today Canadian Dollar fluctuations could be triggered by Canada’s new housing price index.

Japanese Yen
USD/JPY – Trading in the Region of 101.5700
With China’s disappointing trade data pushing investors towards safe-haven assets the Yen was able to strengthen against several of its major rivals.

South African Rand
USD/ZAR – Trading in the Region of 10.3945
After the publication of dovish Federal Open Market Committee meeting minutes the Rand advanced to its strongest levels for the year so far. The Rand brushed 10.36 before the release of mining production and industrial production data.
As of Thursday, 10th April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2085, GBP USD exchange rate was 1.678, GBP AUD exchange rate was 1.7828, GBP NZD exchange rate was 1.9358, GBP CAD exchange rate was 1.8345, GBP CNY exchange rate was 10.4246, GBP JPY exchange rate was 170.2316, and GBP ZAR exchange rate was 17.5578.
Laura Parsons About Author: (357 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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