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US Dollar Heading For 5-Day Decline Against Most Peers

Published: 18 Oct at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1826
In a bit of a turnaround from last week, the Pound is enjoying a bullish relationship with the US Dollar and has recorded a notable gain against the Euro as positive signs of UK economic recovery lent Sterling support.

US Dollar
USD/EUR – Trading in the Region of 0.7309
With positive Chinese growth data and the falling odds of the Federal Reserve tapering stimulus supporting risk appetite, the US Dollar softened against the majority of its most traded peers during the North American session. As it stands, the ‘Greenback’ looks set to post weekly losses against the Yen, Euro, Pound, Aussie and New Zealand Dollar.

Euro
EUR/USD – Trading in the Region of 1.3684
In a light news day, the Euro began the European session stronger against a bearish US Dollar and little changed against the Pound after declining against the British asset yesterday in the wake of an encouraging UK retail sales report. Further movement may be limited in the hours ahead.

Australian Dollar
AUD/USD – Trading in the Region 0.9637
A surprisingly strong third-quarter growth report for China boosted Australia’s trade prospects and lent support to the ‘Aussie’ overnight. Consequently, the Australian Dollar is approaching the weekend poised for its biggest weekly rally against its US counterpart for more than a month.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8480
While the New Zealand Dollar is still heading for a five-day gain of 1.8 per cent against the ‘Buck’, the South Pacific asset’s advance was trimmed as a technical indicator signalled that its rally had been excessive.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9716
Prior to the publication of Canadian inflation data the ‘Loonie’ was trading close to a two-week high against its US rival. If today’s CPI surprises the commodity-driven Canadian Dollar could fluctuate.

Japanese Yen
USD/JPY – Trading in the Region of 97.9800
As the partial federal shutdown is expected to have had a hefty impact on US growth, investors are paring the odds of the Federal Reserve tapering stimulus before next year. Consequently, the Yen was able to consolidate gains against the ‘Greenback’ and end the week 0.5 per cent higher.

South African Rand
USD/ZAR – Trading in the Region of 9.8483
While the Rand edged away from yesterday’s highs against the US Dollar, the emerging market asset is approaching the end of the week stronger than it began. Over the last five days the Rand has derived support from better-than-forecast local retail sales data and the falling odds of the Federal Reserve tapering stimulus.
As of Friday, 18th October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1812, GBP USD exchange rate was 1.6167, GBP AUD exchange rate was 1.6706, GBP NZD exchange rate was 1.9025, GBP CAD exchange rate was 1.6628, GBP CNY exchange rate was 9.8564, GBP JPY exchange rate was 158.0259, and GBP ZAR exchange rate was 15.827.
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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