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Tue 1 Dec 2020 23:54GMT

Exchange Rate News: Euro Recovers Losses, Aussie Sheds Gains

Published: 23 Jan at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6455
The Pound shed gains against the Euro as the European session got underway and the common currency was boosted by impressive PMI reports for the Eurozone. Sterling extended declines as UK CBI reported sales figures showed a decline.

US Dollar
USD/GBP – Trading in the Region of 0.6075
After trading in a fairly narrow range for much of the week, the US Dollar could be heading for a more volatile trading session as US existing home sales and initial jobless claims figures either add to the case for the Federal Reserve tapering stimulus or reduce the odds of easing being trimmed.

EUR/USD – Trading in the Region of 1.3540
In the aftermath of the release of surprisingly positive manufacturing/services output reports for the Eurozone, Germany and France the Euro posted widespread gains. The common currency could extend its advance if today’s consumer confidence data for the Eurozone also shows improvement.

Australian Dollar
AUD/USD – Trading in the Region of 0.8876
In a reversal of fortunes, the Australian Dollar shed recent gains during Australasian trading as China’s manufacturing PMI unexpectedly fell below the 50 mark separating growth from contraction.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8325
In spite of upbeat domestic consumer confidence and PMI data the New Zealand Dollar ended local trading locked in a bullish relationship with the Pound and weaker against its US counterpart. The ‘Kiwi’ was able to advance on the Australian Dollar however as the Chinese manufacturing data took a toll on the South Pacific currencies.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9119
The Canadian Dollar held declines and continued brushing a four-year low against the ‘Greenback’ in the wake of the Bank of Canada’s rate decision. If today’s retail sales report shows a larger than expected gain the ‘Loonie’ could recoup losses.

Japanese Yen
USD/JPY – Trading in the Region of 104.3100
The Yen posted a modest gain against the US Dollar during local trading following the release of the Bank of Japan’s quarterly economic report. The safe-haven currency was little-changed against its other major rivals.

South African Rand
USD/ZAR – Trading in the Region of 10.9315
Today the Rand hit a fresh five-year low against the US Dollar as commodity-driven currencies lost their appeal following China’s disappointing manufacturing report.
As of Thursday, 23rd January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2151, GBP USD exchange rate was 1.6633, GBP AUD exchange rate was 1.8992, GBP NZD exchange rate was 2.0081, GBP CAD exchange rate was 1.8487, GBP CNY exchange rate was 10.0658, GBP JPY exchange rate was 171.9127, and GBP ZAR exchange rate was 18.2837.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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