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Exchange Rate News: Pound And US Dollar Gains Likely

Published: 17 Jan 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/USD– Trading in the Region 1.6336
A stronger-than-anticipated UK retail sales report may help the Pound reverse recent declines against the US Dollar and Euro, and Sterling could end the week higher against its most traded peers.

US Dollar
USD/GBP – Trading in the Region of 0.6129
As it stands, the US Dollar is in line to post five-day gains against several of its major peers. If today’s US manufacturing report adds to this week’s stream of positive domestic data, the ‘Greenback’ could maintain its bullish stance over the weekend.

EUR/USD – Trading in the Region of 1.3600
The Euro softened against the US Dollar yesterday and could edge lower against the Pound during European trading as a result of upbeat UK retail sales figures. However, a rebound in construction output in the Eurozone could lend the common currency support.

Australian Dollar
AUD/USD – Trading in the Region of 0.8800
The Australian Dollar experienced minimal fluctuations during local trading but remained under pressure as yesterday’s disappointing domestic employment figures increased the odds of an RBA rate cut.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8275
Although the New Zealand Dollar retained gains against the ‘Aussie’ it softened against a broadly strengthening ‘Greenback’. Next week ‘Kiwi’ volatility is likely to occur in response to several influential economic reports for New Zealand, including inflation figures.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9147
The ‘Loonie’ edged away from a four-year low against the US Dollar and strengthened modestly against some of its major counterparts as commodity prices climbed.

Japanese Yen
USD/JPY – Trading in the Region of 104.3400
At the close of Australasian trading the Yen was little changed against the ‘Buck’. However, the safe-haven asset did come under pressure as a measure of Japanese consumer confidence unexpectedly declined.

South African Rand
USD/ZAR – Trading in the Region of 10.8365
Throughout the week the Rand has tumbled to fresh record lows against the US Dollar as a result of domestic unrest and US developments. The Rand recovered some ground as the local session opened but could fall further if US data impresses.
As of Friday, 17th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2128, GBP USD exchange rate was 1.6424, GBP AUD exchange rate was 1.8703, GBP NZD exchange rate was 1.9896, GBP CAD exchange rate was 1.8006, GBP JPY exchange rate was 171.3156, and GBP ZAR exchange rate was 17.846.
Dominic Lee About Author: (443 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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