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EUR/USD At Seven-Month High, GBP/USD Slips From Eight-Month High

Published: 20 Sep 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
After the publication of disappointing UK retail sales figures Sterling lost ground against several of its most traded peers. With UK public finance data also failing to live up to expectations the British asset could decline further in the hours ahead.
GBP/EUR – Trading in the Region of 1.1869

US Dollar
USD/EUR – Trading in the Region of 0.7389
Although yesterday’s US existing home sales and initial jobless claims reports showed improvement, the US Dollar continued trading at multi-month lows against peers like the Euro and Pound. The ‘Greenback’ is also in line to post notable five-day declines against the Australian and New Zealand Dollars.

EUR/USD – Trading in the Region of 1.3532
As the European session opened the Euro was close to a seven-month high against the US Dollar and gained modestly on the Pound. If today’s consumer confidence figures for the Eurozone show the improvement forecast by economists, further common currency advances could occur.

Australian Dollar
AUD/USD – Trading in the Region of 0.9449
Despite softening slightly as a result of speculation regarding the odds of the Reserve Bank of Australia cutting rates, the ‘Aussie’ ended the local session headed for a 2.2 per cent weekly advance on its US counterpart. However, the South Pacific asset’s bearish relationship with the New Zealand Dollar continued.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8388
With credit card spending in New Zealand advancing by 6.6 per cent in August, year-on-year, and adding to the case for the nation’s Reserve Bank increasing interest rates next year, the ‘Kiwi’ retained recent gains against its Australian and US rivals overnight.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9743
The ‘Loonie’ eased away from a three-month high against the US Dollar as the risk rally inspired by the Fed announcement wore off. The commodity-driven asset may fluctuate in the hours ahead as a result of domestic inflation figures.

Japanese Yen
USD/JPY – Trading in the Region of 99.2300
As the initial shock of the Fed’s decision to refrain from tapering easing wore off the Yen recovered losses against some of its higher-risk peers but weakened against the US Dollar. The Asian currency is still trading close to an almost four year low against the Euro ahead of Eurozone consumer confidence figures.

South African Rand
USD/ZAR – Trading in the Region of 9.6713
After climbing by over 20 cents in the immediate aftermath of the Federal Reserve’s decision to taper stimulus the Rand shed gains overnight. Concerns that the rally experienced by emerging-market assets may have been overdone saw the Rand edge away from its four-month high.
As of Friday, 20th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1836, GBP USD exchange rate was 1.6007, GBP AUD exchange rate was 1.7043, GBP NZD exchange rate was 1.9128, GBP CAD exchange rate was 1.6494, GBP JPY exchange rate was 158.9729, and GBP ZAR exchange rate was 15.8168.
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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