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Exchange Rate News: Rand Weakens After Inflation Data

Published: 19 Feb 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/USD – Trading in the Region of 1.6715
Before the release of UK employment data and the publication of minutes from the Bank of England’s most recent policy meeting, the Pound broke free from its recent run of declines. However, disappointing jobs data could see the Pound slip.

US Dollar
USD/GBP – Trading in the Region of 0.5985
Yesterday US data fell short of the mark once again and the ‘Greenback’ edged lower against several of its major rivals. Although US building permits and housing starts reports are due for release today, the main driver of US Dollar movement is likely to be the publication of minutes from the most recent Federal Open Market Committee meeting at 19:00 GMT.

Euro
EUR/USD – Trading in the Region of 1.3755
A mixed bag of ZEW economic sentiment surveys left the Euro little-changed against peers like the US Dollar and Pound. The common currency may experience modest movement today as a result of the Eurozone’s construction output report. If output declined again in December the Euro could lose some of its appeal.

Australian Dollar
AUD/USD – Trading in the Region of 0.9025
Concerns that tomorrow’s manufacturing PMI report for China will show a second month of contraction pushed the ‘Aussie’ lower overnight. The South Pacific currency also softened as Australia’s Westpac leading index fell by 0.2 per cent.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8322
Another quiet trading session left the ‘Kiwi’ little-changed. The commodity-driven currency continued to trade in a stronger position against the US Dollar even as China’s MNI business indicator eased lower.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9155
Although a domestic report showed an outflow of Canadian securities in December, the ‘Loonie’ was able to close local trading slightly higher against its US counterpart. Canadian Dollar movement is likely to be limited today as investors look ahead to Friday’s influential inflation figures.

Japanese Yen
USD/JPY – Trading in the Region of 102.1300
Declining Asian stocks helped the Yen advance on the US Dollar. The currency retained gains even as Japan’s all industry activity index unexpectedly declined in December, dropping 0.1 per cent rather than rising by 0.1 per cent as forecast.

South African Rand
USD/ZAR – Trading in the Region of 10.9210
As the local session opened the Rand was slightly softer against its major peers. The currency went on to experience volatility as South African inflation accelerated by more than expected in January.
As of Wednesday, 19th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2146, GBP USD exchange rate was 1.6676, GBP AUD exchange rate was 1.8535, GBP NZD exchange rate was 2.0154, GBP CAD exchange rate was 1.8467, GBP CNY exchange rate was 10.1328, GBP JPY exchange rate was 170.6181, and GBP ZAR exchange rate was 18.4118.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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