Published: 18 Jun at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, Japan, South Africa,
GBP/USD â€“ Trading Lower, 1.5696
Before UK CPI figures were published the Pound dipped against the â€˜Greenbackâ€™. Economists expected todayâ€™s report to show that consumer price inflation accelerated in May. However, month-on-month and year-on-year CPI exceeded economistâ€™s expectations so the Pound is likely to experience fluctuations in the hours ahead.
USD/JPY â€“ Trading Higher, 94.8800
The imminent Federal Open Market Committee meeting bolstered demand for the US Dollar during local trade and the safe-haven currency strengthened against its Asian rival. Although investors are waiting to hear whether the Fed will start to taper fiscal stimulus todayâ€™s US CPI data is also of interest.
EUR/USD â€“ Trading Lower, 1.3334
As the European session opened the Euro dipped against its US rival in response to remarks made by ECB President Mario Draghi. The central bank chief intimated that non-standard monetary policy measures could be deployed if necessary. Todayâ€™s Eurozone/German ZEW economic sentiment surveys could also be responsible for movement in the EUR/USD pairing.
AUD/USD â€“ Trading Lower, 0.9479
Although the Australian Dollar broadly strengthened prior to the release of minutes from the Reserve Bank of Australia
â€™s latest policy meeting, the commodity-driven currency tumbled after they were published. The report showed that the central bank thinks there is scope for easing borrowing costs more, and also intimated that the â€˜Aussieâ€™ could continue to fall against the US Dollar.
NZD/USD â€“ Trading Lower, 0.7966
An absence of domestic news and US easing speculation resulted in the New Zealand Dollar declining modestly against its American rival during the local session. Although tomorrowâ€™s home-grown GDP figures are expected to cause the â€˜Kiwiâ€™ to fluctuate the outcome of the Fedâ€™s meeting is the big news to watch out for this week.
CAD/USD â€“ â€˜Loonieâ€™ Weaker, 0.9816
Mounting speculation surrounding the outcome of the Federal Reserveâ€™s two-day policy meeting caused the â€˜Loonieâ€™ to decline against its US counterpart before the close of local trade. The Canadian Dollar had advanced earlier in the session in response to a positive Canadian housing report. News from the US will be the main catalyst for market movement today.
USD/JPY â€“ Yen Weaker, 94.8800
After the Bank of Japan released a report stating that the nationâ€™s current account balance could jump to record levels as a result of the fiscal stimulus methods introduced in April the Yen declined against the majority of its most traded peers. News from the US could cause additional movement in the USD/JPY paring today.
South African Rand
ZAR/USD â€“ Rand Weaker, 10.0125
In a busy news week, particularly for the US and Eurozone, the Rand began trade on Tuesday fairly flat. Rand movement was limited yesterday as a result of local markets being closed for a national holiday, but the currency is likely to experience volatility as the week progresses and South African quarterly employment figures/current account deficit and consumer inflation data is released.
As of Tuesday, 18th June 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1678, GBP USD exchange rate was 1.5635, GBP AUD exchange rate was 1.6477, GBP NZD exchange rate was 1.9562, GBP CAD exchange rate was 1.5975, GBP JPY exchange rate was 149.3475, and GBP ZAR exchange rate was 15.6488.