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Exchange Rate News: AUD Ends Week Softer, USD Supported

Published: 21 Feb at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6666
With UK retail sales figures estimated to show a 5.0 per cent year-on-year gain in January following a monthly drop of 1.2 per cent, the Pound snapped its recent run of declines against the US Dollar and Euro. A surprising result could trigger Sterling volatility.

US Dollar
USD/GBP – Trading in the Region of 0.6001
Ahead of the release of US existing home sales figures the ‘Greenback’ was enjoying a more bullish relationship with several of its major peers. The expectation that the Fed will continue with the gradual tapering of stimulus come hell or high water boosted the US Dollar as the week drew to a close.

EUR/USD – Trading in the Region of 1.3712
In the aftermath of yesterday’s largely disappointing economic reports for the Eurozone the Euro continued trading lower against the Pound and US Dollar. The common currency may trade in a narrow range today thanks to a lack of economic reports for the Eurozone.

Australian Dollar
AUD/USD – Trading in the Region of 0.8999
The ‘Aussie’ extended recent declines overnight as the price of iron ore, Australia’s largest export, fell. The Australian Dollar is now heading for its first weekly drop against the ‘Greenback’ for a month.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8300
The US Dollar may have been buoyed by the expectation that the Federal Reserve will continue tapering stimulus, but the ‘Kiwi’ still recorded a second consecutive five-day gain against the ‘Greenback’. With influential economic reports for New Zealand scheduled for publication next week, ‘Kiwi’ fluctuations are likely.

Canadian Dollar
CAD/USD – Trading in the Region of 0.8971
The Canadian Dollar is likely to experience considerable movement today as domestic inflation figures and Canadian retail sales data is published.

Japanese Yen
USD/JPY – Trading in the Region of 102.3600
After the minutes of the latest Bank of Japan policy meeting were published the Yen declined against peers like the US Dollar. The minutes, which confirmed that the BOJ intends to extend its bond-purchase plan, saw the Yen post its biggest five-day decline against the ‘Greenback’ for the whole of the year so far.

South African Rand
USD/ZAR – Trading in the Region of 11.0268
With fears of a slowdown in China weighing on emerging-market sentiment, the Rand began the local session in a weaker position against several of its most traded currency counterparts. A lack of South African data could limit Rand movement today, but investors will also be looking ahead to next week’s domestic growth reports.
As of Friday, 21st February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2094, GBP USD exchange rate was 1.6616, GBP AUD exchange rate was 1.8502, GBP NZD exchange rate was 2.0065, GBP CAD exchange rate was 1.8463, GBP CNY exchange rate was 10.1217, GBP JPY exchange rate was 170.2911, and GBP ZAR exchange rate was 18.1665.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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