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BoE Minutes Could Trigger Pound Movement GBP/EUR GBP/USD

Published: 18 Sep 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,

Pound Sterling
Today Sterling movement is likely to occur in reaction to the Bank of England’s policy meeting minutes. Signs of unity within the Monetary Policy Committee and indications that the UK economic recovery is progressing well could help the Pound extend recent gains against the US Dollar and recover losses against the Euro.
GBP/EUR – Trading in the Region of 1.1921

US Dollar
USD/EUR – Trading in the Region of 0.7487
While the anticipation surrounding the Federal Open Market Committee’s policy announcement has left the US Dollar trading at multi-month lows against the Pound and multi-week lows against the Euro this week, the safe haven asset could recover losses if the Fed tapers stimulus by as much or more than forecast. Today’s US building permits and housing starts reports will also be of interest.

EUR/USD – Trading in the Region of 1.3354
Yesterday’s better-than-forecast ZEW economic sentiment survey for Germany helped the Euro advance on the Pound for a second day. The common currency was also trading in the region of a three-week high against the ‘Greenback’ prior to the release of Eurozone construction output data.

Australian Dollar
AUD/USD – Trading in the Region of 0.9356
As the conclusion of the Fed’s two-day policy meeting draws near the ‘Aussie’ has weakened slightly against its North American counterpart. However, declines were limited following the publication of two positive Australian leading indexes.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8230
While the New Zealand Dollar posted a notable gain against a broadly softening ‘Greenback’ prior to the release of domestic GDP data, due out at 23:45 GMT, the ‘Kiwi’ pared its advance when New Zealand’s Finance Minster stressed the economic benefits of a weaker currency.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9713
This week’s better than expected Canadian data, including yesterday’s factory orders report, has helped the ‘Loonie’ climb to a one-month high against the US Dollar. While today’s US developments will be major drivers of market movement, investors will also be looking ahead to this week’s Canadian inflation figures.

Japanese Yen
USD/JPY – Trading in the Region of 99.1300
Ahead of tomorrow’s speech from the Governor of the Bank of Japan, USD/JPY movement was limited. In the hours ahead Yen fluctuations are likely to occur in response to the Fed’s decision regarding quantitative easing.

South African Rand
USD/ZAR – Trading in the Region of 9.8252
As the local session began the Rand was trading in a tight range against its US peer. However, with a report showing that inflation in South Africa advanced by 6.4 per cent in August (year-on-year) rather than the 6.3 per cent expected the currency could fluctuate. Domestic retail sales figures, due out at 12:00 GMT, will also be influential ahead of the day’s big US announcement.
As of Wednesday, 18th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1936, GBP USD exchange rate was 1.6125, GBP AUD exchange rate was 1.6978, GBP NZD exchange rate was 1.9263, GBP CAD exchange rate was 1.6494, GBP JPY exchange rate was 158.4408, and GBP ZAR exchange rate was 15.4502.
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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