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Exchange Rate News: GBP/USD Fluctuates After GDP Report

Published: 20 Dec 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 in the Region 1.6338
Better-than-forecast UK growth data helped the Pound recover losses during European trading. Sterling had previously slipped against peers like the Euro as a measure of UK consumer confidence declined.

US Dollar
USD/GBP – Trading in the Region of 0.6120
In the wake of the Bank of Japan’s policy announcement the US Dollar rallied against its Japanese peer. The ‘Buck’ was also enjoying a bullish relationship with several of its other main rivals ahead of a US GDP report as investors continue to digest the Fed’s shock policy decision.

Euro
EUR/USD – Trading in the Region of 1.3677
Although data showed an increase in German consumer confidence, the Euro stumbled against peers like the US Dollar as top ratings agency Standard and Poor’s cut the European Union’s AAA credit rating. Today’s Eurozone consumer confidence report could result in additional Euro movement.

Australian Dollar
AUD/USD – Trading in the Region of 0.8865
At the end of a testing week for the Australian Dollar the South Pacific asset is poised to post notable declines against several of its most traded rivals. With speculation surrounding the possibility of an RBA rate cut mounting the ‘Aussie’s is likely to remain under pressure in the weeks ahead.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8178
While an upbeat credit card spending report for New Zealand helped the ‘Kiwi’ recover ground against rivals like Sterling and the Euro, the commodity-driven currency is still heading for a five-day drop against a broadly stronger US Dollar.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9364
Recovering crude oil prices helped the Canadian Dollar strengthen during the North American session. However, with Canadian inflation figures still to come further ‘Loonie’ volatility is likely to occur before the weekend.

Japanese Yen
USD/JPY – Trading in the Region of 104.4600
The Yen extended declines against peers like the US Dollar and Pound as the Bank of Japan announced its intention to maintain an unprecedented level of fiscal stimulus in the New Year. The Yen’s decline against the Pound was exacerbated as the British currency was boosted by strong domestic growth data.

South African Rand
USD/ZAR – Trading in the Region of 10.4417
As the week draws to a close the Rand is holding fairly steady against the US Dollar having softened considerably this week in response to US developments. This afternoon’s growth report for the world’s largest economy could have an impact before the weekend.
As of Friday, 20th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1945, GBP USD exchange rate was 1.6332, GBP AUD exchange rate was 1.8307, GBP NZD exchange rate was 1.9894, GBP CAD exchange rate was 1.7372, GBP JPY exchange rate was 170.0121, and GBP ZAR exchange rate was 16.913.
Laura Parsons About Author: (357 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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