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Pound (GBP) Euro (EUR) Aussie (AUD) Stronger, Yen (JPY) Weaker

Published: 12 Jun at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Greece, Japan, South Africa,

Pound Sterling
GBP/USD – Trading Higher, 1.5661
As the European session progresses the Pound is likely to benefit from the latest UK employment figures, which showed that jobless claims declined by more than anticipated last month. Although the UK unemployment rate held at 7.8 per cent the economy average weekly earnings in the three months through April advanced by 1.3 per cent

US Dollar
USD/JPY – Trading Higher, 96.9400
A lack of significant US economic news limited ‘Greenback’ movement during local trade, although the safe-haven currency was able to advance on a broadly softening Yen. The expectation that tomorrow’s advance US retail sales figures will show improvement is likely to support demand for the US Dollar in the hours ahead.

EUR/USD – Trading Higher, 1.3323
Although Greece has been downgraded from a developed market to an emerging market, the decreasing likelihood of the European Central Bank issuing a rate cut in the near future helped the Euro push above 1.33 against the US Dollar. The common currency was able to strike a 3 ½ month high against its US peer ahead of this afternoon’s economic speech, made by executive ECB board member Benoit Coeure.

Australian Dollar
AUD/USD – Trading Higher, 0.9522
A rebound in the level of Australian consumer confidence allowed the ‘Aussie’ to recoup recent losses and move away from yesterday’s 3-year low against the US Dollar. A technical indicator also signalled that the South Pacific currency had been oversold.

New Zealand Dollar
NZD/USD – Trading Higher, 0.7950
With the Reserve Bank of New Zealand’s rate decision only hours away the ‘Kiwi’ climbed against several of its most traded rivals, notably advancing on its US counterpart. Economists are forecasting that the RBNZ will leave rates and policy unaltered, but the tone of its accompanying statement could be responsible for New Zealand Dollar movement.

Canadian Dollar
CAD/USD – ‘Loonie’ Stronger, 0.9822
Although fluctuating commodity prices caused the Canadian Dollar to post modest declines during the local session, the ‘Loonie’ continues to trade above 98 US cents. The recent run of positive domestic data has also allowed the Canadian Dollar to post notable advances against several of its other commodity-driven peers, like the Australian Dollar.

Japanese Yen
USD/JPY – Yen Weaker, 96.9400
A bigger-than-expected decline in Japan’s factory orders increased the odds of the Bank of Japan maintaining or expanding the current level of fiscal stimulus, and the Yen weakened against its peers as a result. Traders are also speculating that the Asian currency’s recent advance against its US counterpart has been too rapid.

South African Rand
ZAR/USD – Rand Stronger, 9.9430
Yesterday the Rand sunk to a fresh four-year low against its US counterpart. Although the commodity-driven currency went on to strengthen following the publication of better-than-forecast domestic manufacturing production figures, the currency remains vulnerable and opened trade on Wednesday slightly softer against the US Dollar.

As of Wednesday, 12th June 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1755, GBP USD exchange rate was 1.568, GBP AUD exchange rate was 1.6542, GBP NZD exchange rate was 1.9711, GBP CAD exchange rate was 1.6006, GBP JPY exchange rate was 150.4507, and GBP ZAR exchange rate was 15.8262.
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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