Published: 14 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, Russia, South Africa,
Sterling found support over the weekend from the release of a report which showed that house prices in the UK increased yet again in April. The currency also made gains against the Euro following comments made by ECB President Mario Draghi which suggested that the central bank may soon introduce monetary stimulus measures.
The ‘Greenback’ advanced against a number of peers as demand for safe haven currencies increased over the weekend. Violence in eastern Ukraine spooked investors and increased concerns over a possible military conflict between Ukraine and Russia. Tensions in the region are escalating which is likely to lead to further support for the US currency.
The single currency weakened against all of its major peers over the weekend after ECB President Mario Draghi said that monetary stimulus will be needed to help bolster the region’s economy and help limit the impact of the stubbornly high Euro. The prospect of war on the eastern edge of the EU in Ukraine has also dampened demand for the Euro.
The ‘Aussie’ rallied from Friday’s losses as optimism over the strength of the Australian economy offered support and as expectations of monetary stimulus being introduced in the Eurozone bolstered the currency.
The ‘Kiwi’ firmed against the US Dollar as investors speculated that Federal Reserve Chairman Janet Yellen will clarify the Federal Reserve’s position on interest rate rises when she addresses a conference on Tuesday.
The ‘Loonie’ edged higher against its peers as concerns over the situation in Ukraine caused oil prices to rise. Crude oil is Canada
’s biggest export.
The Yen is finding support from increased demand or safe haven currencies. Gun battles between Ukrainian forces and pro-Russian gunmen over the weekend spooked investors sending them to the relative safety of the Yen.
South African Rand
The Rand tumbled to a one-week low against the US Dollar and fell against the majority of its peers after it tracked the Euro lower and took a hit from a decline in risk appetite as a result of increased tensions in Ukraine.
As of Monday, 14th April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.2106, GBP USD exchange rate was 1.6727, GBP AUD exchange rate was 1.7761, GBP NZD exchange rate was 1.9257, GBP CAD exchange rate was 1.8338, GBP JPY exchange rate was 170.4212, GBP RUB exchange rate was 60.0728, and GBP ZAR exchange rate was 17.5785.