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Exchange Rate News: GBP/USD Close To Two-Year High

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

Pound Sterling
GBP/USD– Trading in the Region 1.6428
The Pound advanced to a two-year high against the US Dollar as UK house prices rose and investors looked ahead to today’s UK trade balance report. Domestic GDP data is also likely to inspire Sterling volatility.

US Dollar
USD/EUR – Trading in the Region of 0.7273
After Fed official James Bullard commented that stimulus should be tapered sooner rather than later the US Dollar strengthened against peers like the Yen. However, upbeat UK data and positive French manufacturing production figures caused losses in the USD/GBP and USD/EUR pairings.

EUR/USD – Trading in the Region of 1.3749
Early into European trading the Euro advanced to a six-week high against the US Dollar as French manufacturing production increased. While today’s Italian GDP report could see the Euro soften as the day continues, movement may be limited before European Central Bank President Mario Draghi speaks in Rome.

Australian Dollar
AUD/USD – Trading in the Region of 0.9089
With retail sales in China advancing by slightly less than anticipated the ‘Aussie’ softened against the US Dollar overnight. The South Pacific asset also dipped as a measure of domestic business confidence slipped.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8278
Overnight the ‘Kiwi’ extended gains against its Australian peer as card spending in New Zealand increased by 0.6 per cent in November rather than the 0.3 per cent expected. The commodity-driven currency also rallied against peers like the Pound ahead of the Reserve Bank of New Zealand’s rate decision.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9400
A lacklustre Canadian housing starts report and the expectation that the Federal Reserve might taper stimulus this month saw the ‘Loonie’ brush a three-year low against the US Dollar. Additional Canadian Dollar movement might be limited today due to a lack of pertinent domestic data.

Japanese Yen
USD/JPY – Trading in the Region of 103.2300
The Yen remained locked in a bearish relationship with the US Dollar overnight as a measure of local consumer confidence came in at 42.5 rather than the 43.0 expected.

South African Rand
USD/ZAR – Trading in the Region of 10.3412
With foreign investors purchasing South African debt for a second day the Rand strengthened ahead of the release of manufacturing and mining production reports.
As of Tuesday, 10th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1956, GBP USD exchange rate was 1.6457, GBP AUD exchange rate was 1.7994, GBP NZD exchange rate was 1.9807, GBP CAD exchange rate was 1.7454, GBP CNY exchange rate was 9.9908, GBP JPY exchange rate was 169.189, and GBP ZAR exchange rate was 17.0406.
Laura Parsons About Author: (360 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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