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Exchange Rate News: UK Inflation Surprise Could Cause Pound Volatility

Published: 17 Dec 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 1.6321
Yesterday the Pound posted a modest advance against the US Dollar but softened slightly against the Euro. With UK inflation data and house price figures failing to match estimates Pound volatility could occur in the hours ahead.

US Dollar
USD/GBP – Trading in the Region of 0.6128
The US Dollar was little changed against its European counterparts as trade began on Tuesday but could fluctuate today in response to US inflation figures. Of course, movement might be a bit stilted prior to tomorrow’s Federal Open Market Committee announcement.

Euro
EUR/USD – Trading in the Region of 1.3776
After rallying against its rivals yesterday in response to positive manufacturing figures the Euro began European trading in a stronger position against peers like the US Dollar and Pound. The common currency may extend gains if today’s ZEW economic sentiment reports show improvement.

Australian Dollar
AUD/USD – Trading in the Region of 0.8935
The ‘Aussie’ tumbled against its peers during local trading as the minutes from the most recent Reserve Bank of Australia policy meeting stressed the need for a weaker domestic currency. The Australian Dollar posted a particularly notable decline against its New Zealand rival while the AUD/USD pairing was feeling the pressure ahead of tomorrow’s FOMC announcement.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8279
Overnight the ‘Kiwi’ retained gains against the US Dollar and extended its advance against the ‘Aussie’. If tomorrow’s business confidence and activity outlook reports for New Zealand show improvement the nation’s currency could climb further.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9447
Ahead of today’s Canadian manufacturing shipments figures the ‘Loonie’ remained close to a three-year low against its US rival and was trading lower against the majority of its other main peers.

Japanese Yen
USD/JPY – Trading in the Region of 102.9200
As Australasian trading opened the Yen was close to a five-year low against the US Dollar. However, the safe-haven currency was able to recover some ground as data confirmed a 15.4 per cent increase in Japanese machine tool orders in November.

South African Rand
USD/ZAR – Trading in the Region of 10.2400
For the first time in three days the Rand weakened against its US counterpart as yesterday’s encouraging US data inspired renewed speculation surrounding tomorrow’s FOMC announcement. As South African data is lacking this week US developments will be driving Rand movement over the next few days.
As of Tuesday, 17th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.182, GBP USD exchange rate was 1.6276, GBP AUD exchange rate was 1.8247, GBP NZD exchange rate was 1.9663, GBP CAD exchange rate was 1.7258, GBP JPY exchange rate was 167.0439, and GBP ZAR exchange rate was 16.8182.
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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