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Exchange Rate News: GBP/EUR Fluctuates After BOE Minutes

Published: 23 Oct 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/EUR – Trading in the Region of 1.1748
The Pound began the local session close to a seven-week low against the Euro and slightly softer against the US Dollar. After the publication of minutes from the Bank of England’s latest policy meeting, which highlighted that the MPC believe that UK unemployment will decline slightly faster than expected, Sterling fluctuated.

US Dollar
USD/EUR – Trading in the Region of 0.7272
As the US non-farm payrolls report showed that the world’s largest economy added less jobs than forecast last month, the ‘Greenback’ broadly declined. Investors are now betting that the Fed will refrain from adjusting its accommodative stimulus policy until at least next spring. Today’s US mortgage approvals figures and house price index could be responsible for additional ‘Buck’ movement.

EUR/USD – Trading in the Region of 1.3751
With today’s consumer confidence index for the Eurozone expected to show an improvement in sentiment the Euro consolidated gains against the Pound as the European session opened, hitting a seven-week high, and largely held on to yesterday’s advance on the US Dollar.

Australian Dollar
AUD/USD – Trading in the Region 0.9642
In the wake of Australian CPI data, which showed that domestic inflation climbed more quickly than expected, the ‘Aussie’ approached a one-month high against its New Zealand peer. However, dropping Chinese stocks and declining risk-appetite led to the Australian Dollar slipping against the majority of its rivals during local trading.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8396
The New Zealand Dollar lost ground against all of its most traded counterparts yesterday as a technical indicator signalled that the currency’s recent advance had been excessive. The South Pacific asset also lost appeal as Chinese stocks fell.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9681
Ahead of the Bank of Canada’s rate decision the CAD/USD pairing edged away from the four-week high recorded yesterday. Although the central bank is largely expected to hold rates at current levels, given the hit-and-miss nature of recent domestic data the tone of the accompanying statement will be of interest.

Japanese Yen
USD/JPY – Trading in the Region of 97.4800
The Yen rallied overnight, hitting a two-week high against its US rival, as Chinese stocks dropped and investors turned to safe-haven assets. The Japanese currency was also boosted by yesterday’s less-than-impressive US employment report.

South African Rand
USD/ZAR – Trading in the Region of 9.7293
With investors looking ahead to today’s South African policy statement and inflation data release, the Rand was holding fairly steady as local trade began. The emerging-market currency advanced on its US rival yesterday as the odds of the Federal Reserve postponing tapering stimulus climbed in response to a disappointing non-farm payrolls report.
As of Wednesday, 23rd October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1734, GBP USD exchange rate was 1.6165, GBP AUD exchange rate was 1.6791, GBP NZD exchange rate was 1.9201, GBP CAD exchange rate was 1.6782, GBP CNY exchange rate was 9.8338, GBP JPY exchange rate was 157.3962, and GBP ZAR exchange rate was 15.8306.
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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