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Mon 30 Nov 2020 21:11GMT

Exchange Rate News: Pound Begins Week Stronger Against Euro And US Dollar

Published: 20 Jan at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6443
As a Rightmove report showed that UK house prices climbed in January the Pound strengthened against the majority of its rivals. This week Wednesday’s UK employment data is likely to be the main driver of Sterling movement.

US Dollar
USD/GBP – Trading in the Region of 0.6089
A lack of pertinent economic data for the US is likely to limit US Dollar movement today. The ‘Buck’ remains stronger against the Euro but lost ground against Sterling early into the European session.

EUR/USD – Trading in the Region of 1.3553
The common currency remains close to a two-month low against the US Dollar despite an unexpected increase in German producer prices. However, if tomorrow’s ZEW economic sentiment reports for Germany and the Eurozone show the improvement expected a Euro rebound could occur.

Australian Dollar
AUD/USD – Trading in the Region of 0.8796
A mixed bag of Chinese data saw the Australian Dollar edge away from a three-year low against the US Dollar and strengthen modestly against several of its other main peers. While China’s retail sales increased as expected, seasonally adjusted fourth quarter GDP fell just short of forecasts and industrial production in the world’s second largest economy declined by more-than-expected.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8225
Despite China’s GDP data supporting New Zealand’s trade prospects, the ‘Kiwi’ lost ground against both its US and Australian rivals overnight. However, today’s inflation report for New Zealand could help the currency rebound.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9132
As a new week of trading begins the Canadian Dollar continues to trade in the region of a four-year low against the US Dollar. The commodity-driven ‘Loonie’ was also struggling against its British counterpart prior to the Bank of Canada’s rate decision – due to be delivered on Wednesday.

Japanese Yen
USD/JPY – Trading in the Region of 104.2100
The Yen clawed back losses against the ‘Greenback’ during local trading as Asian stocks eased lower, heightening the appeal of safe-haven currencies. Japan’s Yen also strengthened against the Pound and Euro.

South African Rand
USD/ZAR – Trading in the Region of 10.8806
Although the Rand is holding steady against the US Dollar at the moment, investors are warning that significant downside risks remain and that unrest in the local labour market and US speculation could drive the Rand lower as the week progresses.
As of Monday, 20th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2125, GBP USD exchange rate was 1.6425, GBP AUD exchange rate was 1.8656, GBP NZD exchange rate was 1.9759, GBP CAD exchange rate was 1.7994, GBP CNY exchange rate was 9.9415, GBP JPY exchange rate was 171.2083, and GBP ZAR exchange rate was 17.8232.
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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