Published: 23 Sep at 6 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, South Africa,
Pound Sterling GBP
The Pound experienced a patchy trading session on Tuesday as the UKâ€™s public finance figures fell flat, the situation in Syria sparked risk aversion and investors locked in profits following last weekâ€™s referendum. While Sterling was trending higher against the Australian Dollar and New Zealand
Dollar, it lost ground against the Euro and US Dollar.
US Dollar USD
Although the US Dollar softened in the wake of yesterdayâ€™s poor US existing home sales figures and comments from a Fed official regarding the dangers of a strong domestic currency, the â€˜Greenbackâ€™ gained on Syria-based risk aversion and a solid manufacturing PMI for September. The safe-haven asset did fluctuate against some of its peers however amid conflicting Federal Reserve rate hike bets.
A mixed bag of Services and Manufacturing PMI reports for the Eurozone and its largest economies left the Euro fluctuating on Tuesday. That being said, European Central Bank President Mario Draghiâ€™s commitment to bolstering the Eurozoneâ€™s economic recovery by any means necessary has given the common currency some support.
Australian Dollar AUD
Although the Australian Dollar initially strengthened in response to China
â€™s slightly better-than-forecast Manufacturing PMI, a risk-off environment saw the South Pacific currency depreciate as trading continued. The GBP/AUD exchange rate advanced by 0.25% before the close of the local session.
New Zealand Dollar NZD
With New Zealandâ€™s trade data scheduled for publication in the next few hours, the New Zealand Dollar could experience some movement. The â€˜Kiwiâ€™ received a modest boost in the form of Chinese manufacturing figures, but concerns over dairy prices and a prolonged pause in the Reserve Bank of New Zealandâ€™s interest rate hiking cycle are weighing on the asset.
Canadian Dollar CAD
The Canadian Dollar fell against its US and UK counterparts after Canada
published slightly disappointing retail sales figures. Sales unexpectedly declined in July, indicating that Canadaâ€™s consumer-led economic recovery could be ending.
South African Rand ZAR
The Rand rallied against several of its rivals after the Chinese manufacturing PMI was published but pared gains after the Eurozoneâ€™s own manufacturing/services gauges disappointed expectations and the airstrike on Syria dampened risk aversion.
As of Tuesday, 23rd September 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.276, GBP USD exchange rate was 1.6391, GBP AUD exchange rate was 1.8516, GBP NZD exchange rate was 2.0305, GBP CAD exchange rate was 1.8155, GBP CNY exchange rate was 10.0602, and GBP ZAR exchange rate was 18.305.