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Wed 3 Jun 2020 08:29GMT

Exchange Rate News: Encouraging UK Employment Data Boosts Pound GBP/EUR

Published: 16 Oct 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 1.1843
With the UK economy adding more positions than forecast in the three months to August, and jobless claims falling by more than expected in September, Sterling was supported and advanced on the Euro and US Dollar during European trading.

US Dollar
USD/EUR – Trading in the Region of 0.7396
Overnight the ‘Buck’ advanced on the Yen as US lawmakers continued budget discussions. The deadline for reaching the debt ceiling is just one day away, and if US officials fail to reach an agreement extreme repercussions can be expected.

Euro
EUR/USD – Trading in the Region of 1.3520
Prior to the publication of Eurozone inflation figures, the Euro softened against the US Dollar and fluctuated against the Pound. Better-than-expected UK employment figures may see the EUR/GBP pairing slide further as the European session progresses.

Australian Dollar
AUD/USD – Trading in the Region 0.9535
Although Australia’s Westpac Leading Index declined by 0.1 per cent in August, month-on-month, the ‘Aussie’ largely retained recent gains against the US Dollar. However, depending on the outcome of the ongoing political discussions in the US, the AUD/USD pairing is probably in for further volatility before the end of the week.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8406
Rapid acceleration in New Zealand’s inflation rate supported the ‘Kiwi’ overnight by increasing the likelihood of the nation’s central bank issuing an interest rate increase in 2014. Tomorrow’s consumer confidence index for New Zealand could cause further fluctuations as the week progresses.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9641
While the ‘Loonie’ briefly brushed a month-high against its US counterpart during North American trading, the commodity-driven currency shed gains as the political deadlock in the US remained unresolved. Ahead of Friday’s Canadian inflation data, US developments will be the main cause of the Canadian Dollar’s movement.

Japanese Yen
USD/JPY – Trading in the Region of 98.4200
Hopes that US lawmakers will strike a deal lessened the appeal of the safe-haven Yen during Asian trading and saw the asset slide against the US Dollar. If a deal is reached and a default avoided, the Yen is likely to extend declines against the ‘Greenback’.

South African Rand
USD/ZAR – Trading in the Region of 9.9475
After weakening against its US rival for the first time in five days yesterday, the Rand remained under pressure as the local session opened. Today’s South African retail sales figures are likely to trigger considerable Rand movement from 12:00 GMT.
As of Wednesday, 16th October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.179, GBP USD exchange rate was 1.5944, GBP AUD exchange rate was 1.6706, GBP NZD exchange rate was 1.8938, GBP CAD exchange rate was 1.6472, GBP JPY exchange rate was 157.7052, and GBP ZAR exchange rate was 15.7255.
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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