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Sterling (GBP) Retains Gains, Euro (EUR/USD) Close To Week High

Published: 19 Aug at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1729
The Pound is maintaining its bullish relationship against peers including the Euro and US Dollar today, despite a report detailing an unexpected decline in UK home prices. Sterling remains supported by last week’s positive UK developments and is likely to continue trading in a tight range during a slow news day.

US Dollar
USD/EUR – Trading in the Region of 0.7506
While US data published in recent weeks has largely supported the case for the Federal Reserve tapering stimulus in the foreseeable future, ongoing speculation regarding whether easing reductions will begin in September have seen the ‘Greenback’ fluctuate. US Dollar volatility could be triggered this week by the publication of minutes from the recent Federal Open Market Committee policy meeting.

EUR/USD – Trading in the Region of 1.3326
Last week’s positive data improved the Eurozone’s economic outlook and supported the Euro over the weekend. Consequently, the common currency edged up to a week-high against the ‘Greenback’ as the European session began and is likely to remain bolstered by economists’ forecasts for further encouraging news over the next five days.

Australian Dollar
AUD/USD – Trading in the Region of 0.9198
The ‘Aussie’ was able to brush a three-week high against the US Dollar during local trading as investors await the publication of minutes from the latest Reserve Bank of Australia policy meeting. It is expected that the minutes will indicate that the RBA is in no hurry to issue a further rate cut.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8129
With New Zealand’s performance services index soaring from 55.1 to 58.1 in July, the likelihood of the Reserve Bank of New Zealand raising rates in the months ahead increased and the ‘Kiwi’ rallied against its major counterparts. Tomorrow’s RBNZ 2-year inflation expectation report will trigger additional movement in the South Pacific asset.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9678
Additional data supporting the view that the Canadian economic recovery is being outpaced by the US caused the ‘Loonie’ to end last week softer against several of its main peers. In a fairly light news week the main Canadian figures to watch out for include a domestic retail sales report (out on Thursday) and CPI data, scheduled for release on Friday.

Japanese Yen
USD/JPY – Trading in the Region of 97.6200
In the aftermath of last week’s positive US news the Yen has extended declines against the US Dollar. The safe-haven asset is also trading in the region of a two-week low against the Euro as the common currency garnered support from an improving economic outlook for the Eurozone.

South African Rand
USD/ZAR – Trading in the Region of 10.1219
With Friday’s US data piling the pressure on emerging market currencies like the Rand, the South African asset was softer against the ‘Greenback’ as trade began on Monday. Wednesday’s inflation data is the piece of local news to watch out for this week.
As of Monday, 19th August 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1735, GBP USD exchange rate was 1.5651, GBP AUD exchange rate was 1.7136, GBP NZD exchange rate was 1.9388, GBP CAD exchange rate was 1.6187, GBP JPY exchange rate was 152.8345, and GBP ZAR exchange rate was 15.9441.
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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