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AUD And NZD Surge On Employment Gain And Rate Increase

Published: 13 Mar at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6681
After a report showed that the pace of UK house price increases is slowing, the Pound was little-changed against the US Dollar. Sterling did lose ground against a bullish Euro however and is likely to continue trading in a narrow range ahead of tomorrow’s UK trade balance data.

US Dollar
USD/GBP – Trading in the Region of 0.5994
While the US Dollar softened against its bullish New Zealand and Australian counterparts overnight, the ‘Greenback’ could recoup losses if today’s US advance retail sales figure surprises to the upside. The US Dollar also came under pressure as a Federal Reserve official claimed that the level of unemployment in the US justifies continued easing.

EUR/USD – Trading in the Region of 1.3955
Before the publication of minutes from the latest European Central Bank policy meeting, the Euro was close to a two-year high against the US Dollar. The common currency was also trading higher against the Pound and Yen.

Australian Dollar
AUD/USD – Trading in the Region of 0.9066
A surprisingly strong surge in Australian employment helped the ‘Aussie’ rally against several of its most traded currency counterparts. With the Australian economy adding over 40,000 positions in February, the Australian Dollar adopted a bullish relationship with the ‘Greenback’, Pound and Euro.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8561
After the Reserve Bank of New Zealand became the first developed nation to raise interest rates, the ‘Kiwi’ broadly strengthened and closed the local session in a stronger position.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9042
The ‘Loonie’ came under pressure yesterday as a result of sliding commodity prices and extended declines after China’s industrial production and retail sales reports fell short of forecasts. Today’s Canadian new housing price index could inspire additional Canadian Dollar movement.

Japanese Yen
USD/JPY – Trading in the Region of 102.7100
The Yen advanced on the US Dollar prior to the release of US sales data as a well-placed industry expert supported the case for the Federal Reserve keeping stimulus in place.

South African Rand
USD/ZAR – Trading in the Region of 10.7760
The Rand began local trading holding steady against rivals like the ‘Greenback’. Although South Africa’s currency softened in response to adverse developments in China, it firmed as investors awaited the publication of South African mining/manufacturing production data.
As of Thursday, 13th March 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1989, GBP USD exchange rate was 1.6623, GBP AUD exchange rate was 1.8411, GBP NZD exchange rate was 1.9469, GBP CAD exchange rate was 1.8414, GBP CNY exchange rate was 10.1999, GBP JPY exchange rate was 169.1704, and GBP ZAR exchange rate was 17.9266.
Dominic Lee About Author: (474 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.

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