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Pound (GBP) Firm Following Carney Speech, Euro (EUR) Weakened, Canadian Dollar (CAD) Drops

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

Pound (GBP)

The Pound (GBP) is trending higher against other majors on Wednesday after statements made by the Governor of the Bank of England, Mark Carney, inspired optimism around the much debated topic of interest rate hikes. Sterling saw gains yesterday after Carney announced that he envisaged interest rates being hiked in the spring. The Pound may see further fluctuations today following Bank of England board members testifying about the recent August Inflation Report. The Pound is currently trading against the US Dollar (USD) at 1.6127.

Euro (EUR)

The Euro (EUR) is presently trading lower against the Pound (GBP), fluctuating between the regions of 0.8000 and 0.8036. The Euro has dropped lower in recent weeks after the European Central Bank (ECB) announced its new monetary policy plans which have not been met with favour by all. Thursday will see the release of the German Consumer Price Index, and the European Central Bank’s monthly report which may affect the Single Currency’s exchange rates.

US Dollar (USD)

The US Dollar (USD) to Pound (GBP) exchange rate is trending lower in the market on Wednesday, as Sterling claws back some lost ground against other majors. Domestic data may be able to move the US Dollar today with MBA Mortgage Applications due for publication, as well as commodity inventories numbers. Thursday however will see the publication of Initial Jobless Claims and Continuing Claims figures which will be watched closely by investors. The USD/GBP exchange rate is presently trading at 0.6202.

Canadian Dollar (CAD)

The Canadian Dollar (CAD) is trending lower against its US Dollar (USD) counterpart on Wednesday, dipping to its lowest level in four months. Canadian Housing Starts figures showed the first fall in five months on Tuesday, which caused weakness in the ‘Loonie’. The CAD to USD exchange rate is currently residing at 0.9090.

Australian Dollar (AUD)

The Australian Dollar (AUD) has dipped this session following the release of weak Westpac Consumer Confidence figures which have shaken the market. Consumer sentiment dipped into the negatives in September, coming in -4.6% lower, suggesting consumers are feeling downbeat regarding the current Australian economic climate. The Australian Dollar is presently trending at 0.9139 versus its US Dollar (USD) counterpart.

New Zealand Dollar (NZD)

The New Zealand Dollar (NZD) is trading within a tight range against the US Dollar (USD) on Wednesday, residing between the 0.8215 and 0.8266 boundaries. Wednesday will see the announcement of the Reserve Bank of New Zealand’s (RBNZ) interest rate decision, which is currently expected to remain at the present 3.50%. The New Zealand Dollar has dipped to six month lows in recent weeks and has remained lower in anticipation of the decision.

South African Rand (ZAR)

The South African Rand (ZAR) is trading lower against other majors as Tuesday saw the revelation that the South African Current Account deficit had widened more than expected. Industry expert Brink van Wyk stated: ‘The Rand weakened a lot this morning and did have some impact.’ So far this session the US Dollar (USD) has reached highs of 10.9765 versus the Rand.

As of Wednesday, 10th September 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2543, GBP USD exchange rate was 1.6209, GBP AUD exchange rate was 1.7694, GBP NZD exchange rate was 1.9769, GBP CAD exchange rate was 1.7741, and GBP ZAR exchange rate was 17.7249.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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