SendMoney.org.uk

Compare exchange rates, send money abroad and online

Mon 15 Jul 2019 20:56GMT

?Aussie? (AUD) Gains Popularity Versus ?Kiwi? (NZD), Canadian Dollar (CAD) Softens

Published: 12 Aug at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Russia, South Africa,

Pound (GBP)

Tuesday has seen the publication of the British Retail Consortium Like-for-like sales, which have shown a 0.3% drop in July. This came as a disappointment as economists had forecast a rise of 0.9%, a hope of bettering the June -0.8% figure. Wednesday however will prove highly influential for the Pound’s (GBP) exchange rate as figures for Average Weekly Earnings, Claimant Count Rate, Employment Change, Unemployment Rate, Jobless Claims Change and Weekly Earnings are all published. The Pound is presently trading against the US Dollar (USD) at 1.6774, and versus the Euro (EUR) at 1.2544.

Euro (EUR)

The Eurozone is due to publish both the German and Eurozone Economic Sentiment figures on Tuesday, alongside the German Current Situation statistics. The Economic Sentiment numbers should give some indication of the medium term forecasts for the Eurozone, and for the Eurozone’s largest and most influential economy—Germany. However German figures aren’t expected to prove favourable with a forecast 17.0 index points on Economic Sentiment in August, in comparison to July’s 27.1. The Euro is presently trading up against the US Dollar (USD) at 1.3365, whilst trending at 0.7965 against the Pound (GBP).

US Dollar (USD)

Tuesday will see the publication of the US Monthly Budget Statement, whilst Wednesday will prove highly significant for the US Dollar (USD) exchange rate as Advance Retail Sales and Mortgage Applications figures are revealed. The US Dollar has sprung to popularity in recent weeks following a more hawkish Federal Reserve and positive US figures; presently trading at 0.5962 against the Pound (GBP) and 0.7481 versus the Euro (EUR). However, some believe the economic recovery has been lethargic. Vice-Chair at the Federal Reserve Stanley Fischer stated today: ‘The global recovery has been disappointing.’

Canadian Dollar (CAD)

The Canadian Dollar (CAD) is presently trading at 0.9142 against its US Dollar (USD) counterpart. Monday saw the release of Canadian Housing Starts figures—used as a reflection of the rate of growth in home building—which proved highly favourable. Economists had forecast 193.0K in July, slightly less than the June 198.7K figure; however, the actual figure reached much higher than economists had expected, published at 200.1K. Thursday will see the New Housing Price Index statistics, whilst Friday can expect to see Existing Home Sales numbers. The Canadian Dollar has been trading weaker against the US Dollar as the ‘Buck’ has become more popular. Currency Expert Steven Englander stated: ‘The Fed will sort of do the Bank of Canada’s work for them in terms of getting the Canadian Dollar lower.’

Australian Dollar (AUD)
Australian Business Confidence figures have reached publication on Tuesday which is used to evaluate the direction of the Australian economy. Business Confidence in July reached 11 index points, far better than June’s 8 showing a more positive direction for the Australian economy, and therefore the Australian Dollar (AUD). The ‘Aussie’ is presently trading against the US Dollar (USD) at 0.9252, whilst gaining against its New Zealand Dollar (NZD) counterpart at highs of 1.1009.

New Zealand Dollar (NZD)

The New Zealand Dollar (NZD) has fallen against the US Dollar (USD) and the Australian Dollar (AUD), as its ‘Aussie’ counterpart becomes more attractive to investors. The current NZD to USD exchange rate is residing at 0.8421, whilst trending at 0.9093 versus the ‘Aussie’. Monday saw the New Zealand Card spending figure disappoint, remaining unchanged at 0.0% despite a 0.5% forecast. The New Zealand House Price Index has shown a fall in July, showing the winter months taking its toll on house sales. Expert in the field Helen O’Sullivan stated: ‘Rising interest rates and the forthcoming election are probably... influencing buyer behaviour.’

South African Rand (ZAR)

The Rand (ZAR) has proved unable to gain stability in recent months, despite the end of another strike signalled. The Rand is now trading amongst geopolitical conflict which is shrouding the currency market. As investors seek safe haven assets, currencies such as the Rand become unappealing with a large risk appetite. Global uncertainty will continue to affect the Rand in the coming weeks, when investors may buy back commodity and high risk currencies. Industry expert Christie Viljoen commented: ‘Further deterioration in the situation in Ukraine and standoff between Russia and West could hurt emerging market currencies and send the South African currency to beyond 10.86 versus the [US] Dollar.’ The US Dollar (USD) is presently trading against the Rand at 10.6560.
As of Tuesday, 12th August 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2574, GBP USD exchange rate was 1.681, GBP AUD exchange rate was 1.8138, GBP NZD exchange rate was 1.9933, GBP CAD exchange rate was 1.8368, GBP RUB exchange rate was 60.7695, and GBP ZAR exchange rate was 17.8706.
Dominic Lee About Author: (360 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

Live Exchange Rates