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Exchange Rate News: EUR Movement Likely, GBP Volatility Restrained

Published: 24 Feb at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6650
As Bank of England Governor Mark Carney made it clear that the BoE remains committed to supporting the UK’s economic recovery the Pound recovered losses against the US Dollar. With UK news thin on the ground today, further Sterling movement may be limited.

US Dollar
USD/GBP – Trading in the Region of 0.6005
The US Dollar slipped against the Yen overnight as the Asian currency was supported by declining Asian shares and investors losing their appetite for risk. While the Dallas Fed manufacturing activity index will be of interest, ‘Greenback’ movement could be restrained ahead of tomorrow’s US consumer confidence report.

EUR/USD – Trading in the Region of 1.3749
Comments issued by ECB President Mario Draghi regarding the central bank’s commitment to defending the currency bloc from inflation risks saw the Euro ease lower over the weekend. The common currency may fluctuate today in response to German business confidence figures and final Eurozone inflation figures.

Australian Dollar
AUD/USD – Trading in the Region of 0.8981
The falling price of iron ore piled pressure on the commodity-driven Australian Dollar overnight and the ‘Aussie’ lost ground against several of its rivals. Tomorrow’s conference board leading index for China will be the main cause of Australian Dollar movement for the first half of the week.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8290
News that credit card spending in New Zealand climbed by 1.0 per cent in January, month-on-month, had little impact on the ‘Kiwi’. While the publication of the Reserve Bank of New Zealand’s two-year inflation expectation report will be of interest, investors are forecasting that the New Zealand Dollar will trade in a fairly narrow range this week.

Canadian Dollar
CAD/USD – Trading in the Region of 0.8997
On Friday the ‘Loonie’ failed to benefit from the news that consumer prices in Canada climbed at a faster-than-forecast pace in January. A separate report showed a 1.4 per cent slump in national retail sales and kept the Canadian Dollar trading below 90 US cents. A lack of Canadian news may restrain the currency’s movement today.

Japanese Yen
USD/JPY – Trading in the Region of 102.3200
As Asian stocks declined and investor appetite for safe-haven assets increased the Yen advanced on several of its currency counterparts.

South African Rand
USD/ZAR – Trading in the Region of 10.9305
Ahead of the release of growth data for South Africa the Rand was trading just below the 11 Rand per US Dollar level. As the Rand tracks the Euro, positive news from the Eurozone could lend the emerging-market asset support.
As of Monday, 24th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2127, GBP USD exchange rate was 1.6656, GBP AUD exchange rate was 1.8435, GBP NZD exchange rate was 1.9991, GBP CAD exchange rate was 1.8421, GBP CNY exchange rate was 10.1572, GBP JPY exchange rate was 170.7134, and GBP ZAR exchange rate was 17.9953.
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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