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Tue 27 Oct 2020 18:53GMT

Unclear Fed testimony led to confusion in the market

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

Pound Sterling

GBP/USD- Trading Lower, 1.5092

The Pound is set to make its third weekly decline against the US Dollar and is due to make its biggest drop against the Euro in three months as economists await the release of the latest mortgage approvals data.

US Dollar

USD/EUR -Trading Lower, 0.7720

The ‘Greenback’ declined for the first time in three days as confusion over Federal Reserve Chairman Ben Bernanke’s testimony to Congress hit the markets. The Dollar took a tumble against a number of peers before rising again.

The Euro

EUR/USD- Trading Higher, 1.2953

The Euro has edged upwards against a basket of its most traded peers as data showed that the Eurozone’s largest economy, Germany grew in the last quarter. According to Statistsches Bundesamt Deutschland the nation’s Gross Domestic Product inched upwards by 0.1%. The data has given investors optimism that Germany will post stronger growth in the second quarter of 2013.

Australian Dollar

AUD/USD- Trading Lower, 0.9657

The ‘Aussie’ fell ahead of the release of U.S. data which is expected to show that orders for durable goods rose in April, adding to signs of a sustained recovery in the world’s largest economy and diminishing the need for monetary stimulus.

New Zealand Dollar

NZD/USD- Trading Lower, 0.8078

The ‘Kiwi’ has weakened against the US Dollar and a number of its peers after a government report showed that the nation’s trade surplus for April was less than economist had forecast.

Canadian Dollar

CAD/USD- Trading Lower 0.9661

The ‘Loonie’ edged upwards against its US relation, making gains from a one-year low due to speculation that the US Federal Reserve may not taper its monetary stimulus programme as soon as investors expected.

Japanese Yen

USD/JPY- Trading Higher 101.7342

The Yen has strengthened against all of its major peers after the Bank of Japan said that it has announced sufficient monetary easing. So far this week the Yen has strengthened by 1.5% and is course to make its biggest weekly gain since June.

South African Rand

USD/ZAR- Trading Higher 9.5515

The Rand has stabilised against the US Dollar after it snapped a ten day long losing streak. It managed to recover some of its losses after the South African Central Bank opted to keep interest rates on hold.

As of Friday, 24th May 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1697, GBP USD exchange rate was 1.5126, GBP AUD exchange rate was 1.567, GBP NZD exchange rate was 1.869, GBP CAD exchange rate was 1.5606, GBP JPY exchange rate was 153.2107, and GBP ZAR exchange rate was 14.4762.
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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