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Tue 27 Oct 2020 18:34GMT

UK Employment Gain Boosts Pound (GBP) US Dollar Weaker (USD)

Published: 14 May at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6857
Before UK employment figures were published the Pound was trading close to a 16-month high against the Euro and was holding gains against the US Dollar. As the UK economy was shown to have added more jobs than forecast in the three months to March Sterling could rally in the hours ahead.

US Dollar
USD/GBP – Trading in the Region of 0.5934
Yesterday’s less-than-impressive US advance retail sales report left the US Dollar slightly weaker against several of its major currency counterparts. Sales climbed by just 0.1 per cent in April, less than the gain of 0.4 per cent expected. Today’s domestic MBA mortgage application report could have a modest impact on the ‘Greenback’.

EUR/USD – Trading in the Region of 1.3719
A larger-than-forecast decline in German economic confidence pushed the Euro lower on Tuesday. If today’s industrial production report for the Eurozone shows the dip expected the common currency’s bearish relationship with peers like the Pound may continue.

Australian Dollar
AUD/USD – Trading in the Region of 0.9400
In the aftermath of the announcement of Australia’s federal budget the ‘Aussie’ strengthened against several of its rivals. With climbing Asian stocks bolstering demand for higher risk currencies, the Australian Dollar closed the local session in a more buoyant position.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8649
Although New Zealand’s retail sales report showed a smaller than anticipated increase in sales, the ‘Kiwi’ was little-affected. The commodity driven currency derived support from the fact that Graeme Wheeler, Governor of the Reserve Bank of New Zealand, intimated that the raising of interest rates would continue.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9173
A lack of Canadian data meant that ‘Loonie’ movement was largely driven by global developments yesterday. While the CAD/GBP pairing edged higher as investors engaged in profit taking, today’s UK employment figures may well see the Canadian Dollar pare gains.

Japanese Yen
USD/JPY – Trading in the Region of 101.9800
Following the release of a solid print for corporate goods price data the Yen strengthened against the US Dollar. The Asian asset was weaker against a bolstered Pound on Wednesday.

South African Rand
USD/ZAR – Trading in the Region of 10.2900
Before the publication of retail sales figures for South Africa the Rand was holding steady against the ‘Greenback’. While the violence in South Africa’s mining sector is a major concern, the currency has benefited from improved risk appetite and strengthened beyond 10.30 against the US Dollar.
As of Wednesday, 14th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2225, GBP USD exchange rate was 1.6768, GBP AUD exchange rate was 1.7881, GBP NZD exchange rate was 1.9356, GBP CAD exchange rate was 1.8259, GBP JPY exchange rate was 170.7428, and GBP ZAR exchange rate was 17.2714.
Laura Parsons About Author: (359 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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