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Shock US Fed News Sees US Dollar Tumble USD/GBP USD/EUR

Published: 16 Sep 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,

Pound Sterling
After posting significant five-day gains against rivals like the US Dollar and Euro last week the Pound began the European session in a strong position. Sterling volatility may be limited ahead of tomorrow’s UK producer and consumer price indexes.
GBP/EUR – Trading in the Region of 1.1928

US Dollar
USD/EUR – Trading in the Region of 0.7484
As President Barack Obama’s favourite contender for the role of Governor of the Federal Reserve refused consideration for the position the US Dollar adopted a bearish relationship with the majority of its rivals. The ‘Greenback’ flopped against peers like the Euro as investors consider what impact this development will have on the tapering of quantitative easing.

EUR/USD – Trading in the Region of 1.3288
With the US Dollar posting widespread declines as a result of US developments, the Euro was able to achieve a two-week high against its North American counterpart. The main trigger for common currency movement in the hours ahead is likely to be the Eurozone’s consumer price figures.

Australian Dollar
AUD/USD – Trading in the Region of 0.9352
While the shock news regarding the potential future Governor of the US Federal Reserve helped the ‘Aussie’ advance to a three-month high against the ‘Greenback’, the Australian Dollar could shed gains against its US peer if the minutes from the latest Reserve Bank of Australia policy meeting support the case for the RBA issuing an additional rate cut before the end of the year.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8204
In spite of New Zealand’s performance of services index slipping from 58.2 to 53.2 last month the ‘Kiwi’ ended Australasian trading higher against peers like the US Dollar. The New Zealand Dollar benefited from the accord reached regarding Syria’s chemical weapons as well as US political news.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9721
Over the weekend the ‘Loonie’ posted a notable gain against a weaker US Dollar as one of the key contenders for the position of Governor of the Federal Reserve stepped down. During the North American session Canadian Dollar movement could occur in response to Canadian existing home sales figures and US industrial/manufacturing production data.

Japanese Yen
USD/JPY – Trading in the Region of 99.8000
Although the appeal of the safe-haven Yen declined in the wake of the US-Russia agreement regarding Syria’s chemical weapons, the Asian asset advanced on a broadly softening ‘Greenback’ overnight.

South African Rand
USD/ZAR – Trading in the Region of 9.8045
After gaining on the US Dollar over the weekend the Rand was holding steady against the ‘Greenback’ as the local session began. With no pertinent economic news for South Africa due for release until Wednesday, Rand movement is likely to be driven by developments in the US and Eurozone.
As of Monday, 16th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1921, GBP USD exchange rate was 1.5899, GBP AUD exchange rate was 1.7054, GBP NZD exchange rate was 1.9439, GBP CAD exchange rate was 1.6404, GBP JPY exchange rate was 157.496, GBP RUB exchange rate was 51.4215, and GBP ZAR exchange rate was 15.5999.
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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