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Pound Jumps, Aussie Trims Decline, USD Stronger

Published: 16 Apr at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6783
The Pound enjoyed a bullish relationship with the majority of its currency counterparts on Wednesday as the news that the UK unemployment rate had fallen to 6.9 per cent boosted the currency.

US Dollar
USD/GBP – Trading in the Region of 0.5957
Ukraine concerns and positive domestic data helped the ‘Greenback’ trend higher against its peers before the release of US industrial/manufacturing reports. Although the US Dollar was stronger against its Australian and New Zealand counterparts it was softer against a rallying Pound.

EUR/USD – Trading in the Region of 1.3840
On Wednesday the Euro struggled as concerning Eurozone inflation data added to the case for the European Central Bank introducing additional stimulus in the near future. The common currency extended recent declines against Sterling and the ‘Buck’.

Australian Dollar
AUD/USD – Trading in the Region of 0.9342
While slightly better-than-anticipated Chinese growth data saw the Australian Dollar trim recent losses, the South Pacific currency has failed to recover the five-month high recently recorded against the US Dollar and remains weaker against the Pound.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8596
Dropping dairy prices and an unexpected slowing in inflation left the ‘Kiwi’ softer at the close of local trading. The inflation report has lowered the odds of the Reserve Bank of New Zealand increasing interest rates at its next meeting and could keep pressure on the local currency in the weeks ahead.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9094
Investors are expecting the Bank of Canada to leave policy unaltered when it meets later today but a surprising development could inspire significant ‘Loonie’ movement.

Japanese Yen
USD/JPY – Trading in the Region of 102.2400
The Yen slipped lower against several of its higher-risk currency peers after China’s economic growth data showed stronger-than-forecast expansion in the first quarter of 2014.

South African Rand
USD/ZAR – Trading in the Region of 10.5180
Overnight China’s growth report boosted the Rand and helped it recover losses. However, as today’s South African retail sales report showed a 0.2 per cent decline the emerging market currency could fluctuate in the hours ahead.
As of Wednesday, 16th April 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2158, GBP USD exchange rate was 1.6799, GBP AUD exchange rate was 1.7933, GBP NZD exchange rate was 1.9478, GBP CAD exchange rate was 1.8499, GBP CNY exchange rate was 10.451, GBP JPY exchange rate was 171.6941, and GBP ZAR exchange rate was 17.7382.
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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