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Pound Headed For 5-Day Gain Against Euro And Dollar GBP/EUR GBP/USD

Published: 16 Aug at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1712
After a positive week for the UK the Pound is headed for its second consecutive five-day gain against the Euro and US Dollar. Sterling has advanced this week in response to several pieces of positive UK news, including retail sales and employment data. Pound fluctuations may occur today in response to news from the US and Eurozone, but are likely to be limited as we head into the weekend.

US Dollar
USD/EUR – Trading in the Region of 0.7492
In the wake of yesterday’s surprisingly strong US initial jobless claims data the ‘Greenback’ rallied against several of its peers. The US Dollar is headed for its best five-day gain against the Yen for a month, and could extend gains if today’s US housing starts and consumer confidence figures meet or exceed estimates.

Euro
EUR/USD – Trading in the Region of 1.3347
Despite data published earlier this week showing that the Eurozone edged away from recession in the second quarter, the common currency has been outperformed by a bullish Pound and is in-line to record a five-day decline against its British rival. Today’s Eurozone CPI figures can be expected to trigger further movement before the weekend.

Australian Dollar
AUD/USD – Trading in the Region of 0.9166
With interest rate cut concerns weighing on the ‘Aussie’ the South Pacific asset has struggled over the past five days. Next week significant Australian Dollar volatility is likely to follow the publication of minutes from the Reserve Bank of Australia’s latest policy meeting.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8062
During Australasian trading the ‘Kiwi’ was rocked by the news that a magnitude 6.6 earthquake hit central New Zealand, temporarily shutting down the nation’s stock exchange. However, before the European session opened the New Zealand Dollar had recovered much of its losses.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9709
Climbing crude oil prices helped the ‘Loonie’ advance on the US Dollar during the local session, although the commodity-driven asset later lost ground after the ‘Greenback’ broadly strengthened in response to impressive US employment news. Once again, news from the US is likely to drive Canadian Dollar movement.

Japanese Yen
USD/JPY – Trading in the Region of 97.3800
With the US Dollar boosted by positive US employment news the Yen is set for a weekly decline against its American counterpart. Investors are betting that the Yen will extend its drop before the weekend.

South African Rand
USD/ZAR – Trading in the Region of 9.9805
After weakening beyond the psychological 10 Rand per Dollar level yesterday, the Rand was trading in a tight range against its peers in a quiet local news day. If today’s US data exceeds expectations the Rand could soften against its safe-haven rival.
As of Friday, 16th August 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1724, GBP USD exchange rate was 1.5625, GBP AUD exchange rate was 1.7011, GBP NZD exchange rate was 1.9282, GBP CAD exchange rate was 1.6151, GBP JPY exchange rate was 152.3643, and GBP ZAR exchange rate was 15.7651.
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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