Published: 11 Jul at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, France, Germany, Greece, Ireland, Italy, Japan, South Africa, Portugal,
GBP/USD â€“ Trading in the Region of 1.5080
Speculation that the Poundâ€™s recent decline has been excessive, coupled with an unexpectedly dovish statement from Fed Chairman Ben Bernanke, saw the Pound advance against the US Dollar over night. Sterling also posted modest gains against several of its other most traded currency counterparts.
USD/EUR â€“ Trading in the Region of 0.7674
The US Dollar plummeted against peers including the Euro and Yen after Federal Reserve Chairman Ben Bernanke stated that accommodative stimulus would continue to be necessary until the employment and inflation situation in the US improved. The â€˜Greenbackâ€™ could experience additional movement in the hours ahead as the market continues to react to the news and the US monthly budget statement is released.
Euro (Currency of Germany
EUR/USD â€“ Trading in the Region of 1.3032
Developments in the US saw the Euro surge against the â€˜Greenbackâ€™ overnight as higher-risk and commodity driven currencies gained. The Euro pushed back above 1.30 against the US Dollar but was little changed against the Pound ahead of the publication of the European Central Bankâ€™s monthly statement.
AUD/USD â€“ Trading in the Region of 0.9230
Although domestic data showed an unforeseen rise in Australia
â€™s unemployment rate the â€˜Aussieâ€™ was able to achieve a two-week high against the US Dollar as the likelihood of the Federal Reserve maintaining accommodative easing for some time to come increased.
NZD/USD â€“ Trading in the Region of 0.7896
US news and positive domestic data helped the â€˜Kiwiâ€™ leap to a three-week high against the US Dollar and strengthen against several of its other main peers. Although news from the US was largely responsible for the South Pacific currencyâ€™s movement, it received additional support from data showing that manufacturing in New Zealand expanded in June.
CAD/USD â€“ Trading in the Region of 0.9635
The Canadian Dollar closed the local session higher against the US Dollar as the market reacted to the Federal Reserveâ€™s surprisingly dovish attitude towards tapering stimulus. Canada
â€™s housing price index, due out later today, could inspire further â€˜Loonieâ€™ fluctuations.
USD/JPY â€“ Trading in the Region of 99.2100
The Yen climbed against a bearish US Dollar during the Asian session and retained gains after the Bank of Japan issued positive comments relating to the progress of economic recovery in Japan. The BOJ left policy unchanged, as expected.
South African Rand
ZAR/USD â€“ Trading in the Region of 9.9150
Dovish minutes from the Federal Open Market Committeeâ€™s latest policy meeting, coupled with Fed Chairman Ben Bernankeâ€™s comments relating to easing, allowed the Rand to strengthen against the US Dollar, fighting back to trade within the region of 9.8 Rand per Dollar. Todayâ€™s industrial production figures for South Africa
could be responsible for further Rand fluctuations.
As of Thursday, 11th July 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1588, GBP USD exchange rate was 1.5177, GBP AUD exchange rate was 1.6545, GBP NZD exchange rate was 1.9341, GBP CAD exchange rate was 1.5744, GBP JPY exchange rate was 150.325, and GBP ZAR exchange rate was 15.1331.