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Pound (GBP) Pares Gains, Euro (EUR) Fluctuates

Published: 13 May at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6851
Although tomorrow’s UK employment data is forecast to show a decline in the nation’s jobless rate, the Pound pared gains against several of its major currency counterparts during a quiet European session. Sterling could recover ground if the UK economy adds the number of positions expected.

US Dollar
USD/GBP – Trading in the Region of 0.5933
Prior to the release of advance US retail sales figures, the ‘Greenback’ was trading higher against peers like the Pound and Euro. The US Dollar was also in the region of a one-week high against the Yen.

EUR/USD – Trading in the Region of 1.3746
Even though a measure of German economic sentiment fell for a fifth month in May, the Euro experienced limited movement. A separate gauge of the current situation in Germany climbed from 59.5 to 62.1.

Australian Dollar
AUD/USD – Trading in the Region of 0.9338
Slightly disappointing Chinese industrial production and retail sales figures put pressure on the Australian Dollar overnight. A below forecast Australian home loans report also had an adverse impact on the ‘Aussie’s exchange rate. With the national budget being outlined later today further Australian Dollar movement can be expected.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8630
The ‘Kiwi’ was little changed against its major rivals having recovered the modest declines recorded immediately after the release of Chinese data. New Zealand’s retail sales report could dictate movement in the South Pacific currency overnight.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9168
While the ‘Loonie’ pared losses against the US Dollar yesterday, the CAD/GBP pairing remained weaker. A lack of Canadian economic news is likely to limit movement in the domestic currency today.

Japanese Yen
USD/JPY – Trading in the Region of 102.2500
With Asian stocks rising, the Yen slipped to a one-week low against the US Dollar. The safe-haven currency was also weaker against several of its other most traded peers.

South African Rand
USD/ZAR – Trading in the Region of 10.3135
As the four-month long mining strike in South Africa descended into violent clashes the Rand stumbled. The emerging-market currency lost ground against its US and British rivals.
As of Tuesday, 13th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.228, GBP USD exchange rate was 1.6829, GBP AUD exchange rate was 1.7977, GBP NZD exchange rate was 1.9492, GBP CAD exchange rate was 1.8358, GBP CNY exchange rate was 10.4831, GBP JPY exchange rate was 172.0841, and GBP ZAR exchange rate was 17.3638.
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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