Published: 24 Sep 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,
With the expectation that Thursdayâ€™s UK growth data will show that the nationâ€™s economy expanded by 0.7 per cent in the second quarter lending the Pound support, Sterling began the European session slightly stronger against the US Dollar and Euro. The British asset experienced modest movement after UK loans for house purchase increased a little less than forecast.
GBP/EUR â€“ Trading in the Region of 1.1860
USD/EUR â€“ Trading in the Region of 0.7404
The US Dollar softened against peers like the Euro yesterday after Federal Reserve officials voiced their support regarding the central bankâ€™s decision to refrain from tapering quantitative easing. The â€˜Greenbackâ€™ extended declines ahead of the release of US consumer confidence figures as the nationâ€™s lawmakers clash over the debt limit.
EUR/USD â€“ Trading in the Region of 1.3495
Although German business confidence was shown to have increased for a fifth month in September, the index climbed by less than expected and the Euro fell as a result, slipping against the US Dollar and Pound.
AUD/USD â€“ Trading in the Region of 0.9416
As Australian economic news has been a little lacking for the first half of this week, â€˜Aussieâ€™ movement has largely been dictated by global economic developments. Consequently, declining global stocks saw the South Pacific asset post modest, but widespread, declines.
NZD/USD â€“ Trading in the Region of 0.8314
During Australasian trading the â€˜Kiwiâ€™ weakened against the â€˜Aussieâ€™ and â€˜Greenbackâ€™ as global stock movement pushed investors towards less risky assets. However, the New Zealand Dollar could well recoup losses if todayâ€™s local trade balance figures surprise to the upside.
CAD/USD â€“ Trading in the Region of 0.9730
The Canadian Dollar consolidated gains during the local session and retained them overnight as investors look ahead to todayâ€™s domestic retail sales report. It is expected that retail sales, less autos, climbed by 0.6 per cent in July. If the actual result meets or exceeds expectations the â€˜Loonieâ€™ could enjoy a bullish relationship with its peers.
USD/JPY â€“ Trading in the Region of 99.0700
With Japanese markets closed for a national holiday Yen movement was fairly restrained yesterday. Before the publication of US consumer confidence figures, at 15:00 GMT, the Yen was slightly softer against its North American rival.
South African Rand
USD/ZAR â€“ Trading in the Region of 9.7828
Ahead of this weekâ€™s South African consumer confidence and producer price data the Rand was trading in a tight range against the US Dollar. However, if todayâ€™s US consumer confidence report shows a decline, adding to the case for the Federal Reserve maintaining easing, the Rand could advance on its US peer.
As of Tuesday, 24th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1877, GBP USD exchange rate was 1.6001, GBP AUD exchange rate was 1.7046, GBP NZD exchange rate was 1.9401, GBP CAD exchange rate was 1.6486, GBP JPY exchange rate was 158.0409, and GBP ZAR exchange rate was 15.7972.