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Fri 19 Jul 2024 12:34GMT

Pound (GBP) Aussie (AUD) and Loonie (CAD) Weaker Ahead Of FOMC Statement

Published: 19 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,

Pound Sterling
GBP/USD – Trading Lower, 1.5652
The Pound continued to edge away from the four-month high recorded against the US Dollar last week as UK inflation was shown to have accelerated by more than expected in May. Although investors are largely focusing on developments in the US, today’s release of minutes from the Bank of England’s most recent policy meeting could also inspire Sterling movement.

US Dollar
USD/GBP – Trading Higher, 0.6391
With investors anxiously awaiting the outcome of the Federal Open Market Committee’s two-day policy meeting the safe-haven US Dollar posted modest gains against several of its most traded peers. What Fed Chairman Ben Bernanke has to say regarding fiscal stimulus in the US is expected to trigger extensive market movement.

EUR/USD – Little Changed, 1.3393
After advancing against its rivals yesterday as a result of better than forecast economic sentiment survey’s for Germany and the Eurozone, the Euro was little changed this morning. Although Eurozone construction output figures are due for release today, the main catalyst for Euro movement will be news from the US.

Australian Dollar
AUD/USD – Trading Lower, 0.9503
Yesterday the Australian Dollar turned bearish against its peers as the minutes of the Reserve Bank’s latest policy meeting once again commented on the South Pacific currency’s exchange rate. These losses were extended during the local session as investors remain cautious ahead of Federal Reserve Chairman Ben Bernanke’s policy statement.

New Zealand Dollar
NZD/USD – Trading Higher, 0.8013
Although the expectations surrounding today’s US news have been the main driver of market movement this week the New Zealand Dollar was able to advance on its American counterpart during the Australasian session. The ‘Kiwi’ benefited from two pieces of positive domestic data, the first showing that New Zealand’s current account deficit had narrowed and the second showing that whole-milk powder prices increased for the first time in two months.

Canadian Dollar
CAD/USD – ‘Loonie’ Weaker, 0.9793
Despite futures on crude oil (Canada’s main export) climbing to 98.65 Dollars per barrel the ‘Loonie’ fell against the US Dollar during the local session. The currency broadly softened as investors anxiously await both the outcome of the FOMC meeting and Stephen Poloz first address as Governor of the Bank of Canada.

Japanese Yen
USD/JPY – Yen Stronger, 95.0600
For the first time in three days the Yen advanced on the US Dollar as investors turned to the safe-haven asset ahead of the end of the FOMC policy meeting. The USD/JPY pairing is likely to experience significant volatility after Fed Chairman Ben Bernanke holds his press conference at 19:30 GMT.

South African Rand
ZAR/USD – Little Changed, 9.9880
Prior to the publication of South African current account and consumer inflation data the Rand was fairly flat as local markets opened. The consumer-driven currency is expected to fluctuate after these reports are released.
As of Wednesday, 19th June 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1647, GBP USD exchange rate was 1.548, GBP AUD exchange rate was 1.6675, GBP NZD exchange rate was 1.9687, GBP CAD exchange rate was 1.5911, GBP JPY exchange rate was 149.5428, and GBP ZAR exchange rate was 15.7772.
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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