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Pound Heading For Weekly Gain on Euro And US Dollar GBP/EUR GBP/USD

Published: 13 Sep 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
After a week of positive UK news the Pound began Friday on a high, as a better-than-forecast UK construction report saw Sterling extend its five-day gain against the Euro and US Dollar.
GBP/EUR – Trading in the Region of 1.1896

US Dollar
USD/EUR – Trading in the Region of 0.7528
Hopes that the US retail sales report will show that sales accelerated and add to the case for the Federal Reserve tapering quantitative easing next week supported the US Dollar overnight and the safe-haven currency recovered ground against several of its main rivals.

Euro
EUR/USD – Trading in the Region of 1.3288
As another bearish week for the Euro nears an end the common currency remains weaker against the Pound and has dipped against a broadly strengthening US Dollar. With Eurozone Finance Ministers meeting today to discuss issues like unemployment and Greek debt the Euro could fluctuate before the weekend.

Australian Dollar
AUD/USD – Trading in the Region of 0.9238
Overnight the ‘Aussie’ consolidated losses as yesterday’s surprise increase in Australia’s unemployment rate continued to weigh on the currency. The Australian Dollar could continue to decline against the ‘Greenback’ in the hours ahead if US retail sales figures impress.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8105
Although disappointing domestic performance of manufacturing and confidence indexes were a bit of a blow to New Zealand’s economic outlook, the ‘Kiwi’ still ended the local session poised for a five-day gain against peers like the US and Australian Dollars. The South Pacific asset has been supported this week by the expectation that the Reserve Bank of New Zealand will begin increasing interest rates next year.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9675
With the US Dollar strengthening in response to an unexpected slump in initial jobless claims, the ‘Loonie’ weakened against its neighbouring currency for the first time in five days. If today’s US retail sales figures meet or exceed expectations the Canadian Dollar could slip further against the ‘Greenback’ before the weekend.

Japanese Yen
USD/JPY – Trading in the Region of 99.6700
Despite yesterday’s surprising initial jobless claims report for the US the Yen was able to advance on its North American rival as speculation surrounding Federal Reserve easing mounts ahead of next week’s FOMC meeting.

South African Rand
USD/ZAR – Trading in the Region of 9.9795
The Rand put in a valiant performance earlier in the week and managed to hit a 5-week high against the US Dollar. However, with US initial jobless claims falling by more than expected and economists forecasting a positive US retail sales report the Rand softened against its safe-haven peer as the local session got underway. A weaker Euro also impacted the Rand.
As of Friday, 13th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1941, GBP USD exchange rate was 1.5876, GBP AUD exchange rate was 1.7171, GBP NZD exchange rate was 1.9524, GBP CAD exchange rate was 1.6435, GBP JPY exchange rate was 157.7675, and GBP ZAR exchange rate was 15.7662.
Laura Parsons About Author: (357 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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