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Mon 15 Jul 2024 08:44GMT

Pound (GBP) Could Climb If Retail Sales Impress, Kiwi (NZD) Bullish

Published: 15 Aug at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, France, Germany, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1690
The expectation of a positive UK retail sales report supported the Pound against the Euro and US Dollar as European trading got underway. If sales rise for a third month, as forecast, Sterling’s upward momentum is likely to continue.

US Dollar
USD/EUR – Trading in the Region of 0.7529
Ahead of the publication of today’s US CPI data the ‘Greenback’ weakened against the majority of its currency counterparts. The safe-haven asset was adversely affected by remarks made by a Federal Reserve Official regarding the ongoing difficulties the world’s largest economy still has to tackle.

EUR/USD – Trading in the Region of 1.3280
With yesterdays above estimate growth figures for Germany, France and the Eurozone supporting the Euro, the currency was able to strengthen further against the US Dollar and fight its corner against a bullish Pound. An absence of economic news for the Eurozone could limit the common currency’s movement in the hours ahead, although UK and US news may inspire fluctuations.

Australian Dollar
AUD/USD – Trading in the Region of 0.9162
Additional good news from New Zealand highlighted Australia’s own economic shortcomings during local trade and fuelled speculation surrounding the Reserve Bank of Australia cutting rates. Consequently, the ‘Aussie’ declined against several of its main currency rivals.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8078
Following on from yesterday’s impressive domestic retail sales data, New Zealand’s economic outlook continued to brighten during the local session as a gauge of manufacturing surged to a nine-year high. The news saw the ‘Kiwi’ extend gains against its Australian and US counterparts.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9698
Improved global trade prospects helped the ‘Loonie’ rebound from a week low against the US Dollar overnight. The Canadian currency is likely to experience additional movement as a result of today’s domestic existing home sales report.

Japanese Yen
USD/JPY – Trading in the Region of 97.7800
Although positive Eurozone news improved risk-sentiment, the safe-haven Yen was able to recover recently lost ground against the US Dollar during the local session.

South African Rand
USD/ZAR – Trading in the Region of 9.9100
With commodity driven currencies garnering support from the boost to global trade prospects offered by yesterday’s surprisingly good Eurozone growth data, the Rand was able to advance on several of its peers. The South African asset’s advance on the US Dollar was aided by comments issued by a US Federal Reserve official, which served to weaken the ‘Greenback’.
As of Thursday, 15th August 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1716, GBP USD exchange rate was 1.5636, GBP AUD exchange rate was 1.7121, GBP NZD exchange rate was 1.9378, GBP CAD exchange rate was 1.6113, GBP JPY exchange rate was 152.0571, and GBP ZAR exchange rate was 15.607.
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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