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US Dollar Weakens Against Main Peers, EUR, GBP, AUD, NZD Gain

Published: 22 Jul at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Greece, Ireland, Italy, Japan, South Africa, Portugal,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1616
As Prime Minister David Cameron intimated that UK taxes could be lowered if recent economic improvements continue the Pound was able to strengthen against several of its rivals. Sterling advanced on a softening US Dollar, brushing an over two-week high, and posted a modest gain against the Euro.

US Dollar
USD/EUR – Trading in the Region of 0.7600
In response to the likelihood of the Federal Reserve reining in stimulus this year declining, the US Dollar has shed recent gains. The safe-haven asset could fluctuate in the hours ahead as a result of US existing home sales data.

Euro (Currency of Germany, France, Spain, Italy, Portugal, Greece, Ireland etc)
EUR/USD – Trading in the Region of 1.3154
With political tensions in Portugal easing and the US Dollar turning bearish, the Euro opened the European session trading strongly against its North American counterpart. However, the common currency was little changed against the Pound as Sterling was bolstered by positive economic statements.

Australian Dollar
AUD/USD – Trading in the Region of 0.9210
News that The People’s Bank of China has ended a floor on borrowing costs – improving Australia’s trade prospects – boosted the ‘Aussie’ during the local session. The South Pacific currency was also supported by the lowering odds of the Federal Reserve tapering stimulus.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.7927

Last week the ‘Kiwi’ was boosted by several pieced of positive domestic data. Overnight New Zealand’s asset was able to consolidate recent advances as Asian stocks rose. Domestic data to watch out for in the days ahead includes tomorrow’s trade balance figures.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9663
Although the ‘Loonie’ softened at the close of last week as a result of Canada’s tame inflation figures, rising commodity prices and US news helped the Canadian currency recoup losses. Tomorrow’s Canadian retail sales figures are likely to be responsible for additional ‘Loonie’ movement.

Japanese Yen
USD/JPY – Trading in the Region of 99.9000
After Prime Minister Shinzo Abe failed to win an independent majority in upper-house elections, the Yen advanced on the US Dollar for the first time in several days. Japan’s asset climbed to 99.99 against the US Dollar and strengthened against the Euro as markets reacted to the news of this setback for the ruling party.

South African Rand
ZAR/USD – Trading in the Region of 9.8045
With the US Dollar broadly softening in reaction to weaker-than-expected US data and the declining odds of the Federal Reserve tapering stimulus, the Rand was slightly firmer as markets reopened after the weekend. Influential news to stay aware of includes Wednesday’s inflation rate figures for South Africa.
As of Monday, 22nd July 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1651, GBP USD exchange rate was 1.536, GBP AUD exchange rate was 1.6604, GBP NZD exchange rate was 1.9266, GBP CAD exchange rate was 1.5881, GBP CNY exchange rate was 9.4325, GBP JPY exchange rate was 152.9187, and GBP ZAR exchange rate was 15.0831.
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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