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Exchange Rate News: Pound And Aussie Benefit From Upbeat Data

Published: 22 Jan 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/USD– Trading in the Region 1.6455
After beginning the day confidently against peers like the Euro the Pound is likely to go from strength to strength in the hours ahead as investors digest the unexpectedly strong UK employment figures. UK unemployment fell from 7.4 per cent to 7.1 per cent rather than easing down to 7.3 per cent as expected.

US Dollar
USD/GBP – Trading in the Region of 0.6075
Once again the US Dollar was fairly range-bound yesterday due to a lack of economic news for the US and national holiday market closures. Today outside influences have seen the ‘Buck’ fall against the Pound and Australian Dollar.

EUR/USD – Trading in the Region of 1.3540
The EUR/GBP pairing began local trading close to a one-year low, and with the UK unemployment rate falling by more than expected the Euro is likely to post further declines against its British counterpart. The Eurozone third quarter government debt report may have a limited impact on the common currency.

Australian Dollar
AUD/USD – Trading in the Region of 0.8876
With Australian consumer prices increasing at a faster pace than expected, the odds of the Reserve Bank of Australia issuing a rate cut decreased and the ‘Aussie’ posted widespread advances. The Australian Dollar gained on all of its major rivals in spite of separate data showing a dip in domestic confidence.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8325
While the local session was fairly quiet for the New Zealand Dollar, the South Pacific currency edged higher against its US counterpart and tumbled against a suddenly bullish Australian Dollar. Global developments will be of interest today, but the ‘Kiwi’ will also be taking direction from New Zealand’s performance of manufacturing index.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9119
In recent days the ‘Loonie’ has been trading close to a four-year low against its US counterpart as a result of domestic concerns and global economic developments. The Canadian Dollar could fall further today if the Bank of Canada adopts a dovish stance, as expected by economists.

Japanese Yen
USD/JPY – Trading in the Region of 104.3400
As the Bank of Japan left its unprecedented level of fiscal stimulus unaltered at its latest policy meeting the Yen reversed its previous advance and softened against the majority of its currency rivals.

South African Rand
USD/ZAR – Trading in the Region of 10.8243
The Rand began the local session in a weaker position against peers like the US Dollar as mining strikes approached and investors awaited the publication of South African inflation data. As the local CPI surprised estimates further Rand movement is likely.
As of Wednesday, 22nd January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2228, GBP USD exchange rate was 1.6561, GBP AUD exchange rate was 1.8726, GBP NZD exchange rate was 1.9944, GBP CAD exchange rate was 1.8388, GBP JPY exchange rate was 173.3018, and GBP ZAR exchange rate was 18.0021.
Dominic Lee About Author: (473 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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