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Thu 20 Jun 2024 04:22GMT

US Dollar Dips on Ebola Fears, EUR Trends Lower, GBP Supported

Published: 24 Oct at 5 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China,

Pound Sterling
The UK’s third quarter growth report may have confirmed that the pace of British expansion slowed from the second quarter, falling from 0.9% to 0.7%, but the Pound still closed out the European session trading in a stronger position against the US Dollar and Euro. Sterling was able to advance on the ‘Greenback’ and common currency as both assets felt the weight of domestic pressures.
GBP/EUR is trading in the region of 1.2691 and GBP/USD is trading in the region of 1.6085

US Dollar
US Home Sales data may have surprised to the upside, but the US Dollar failed to benefit. The North American currency posted widespread declines on Friday as investors reacted to the news that a New York-based doctor has contracted Ebola. Although worldwide global health organisations are attempting to calm pandemic fears, the threat of the virus was sufficient to leave the US Dollar broadly softer.
USD/GBP is trading in the region of 0.5971 and USD/EUR is trading in the region of 0.7352

Concern that the European Central Bank’s extensive evaluation of the region’s banking sector will end in at least 25 institutions coming up short left the Euro struggling at the close of the week. The common currency floundered against peers like the Pound and US Dollar. Given that the results of the test are scheduled to be release on Sunday, further Euro movement is likely before the weekend.
EUR/GBP is trading in the region of 0.7914 and EUR/USD is trading in the region of 1.2658

Australian Dollar
The ‘Aussie’ was supported by China’s impressive conference board leading index on Friday and managed to hold firm against rivals like the US Dollar and Pound. With Australian data lacking next week, volatility in the AUD exchange rate will most likely be occasioned by global economic developments.
AUD/GBP is trading in the region of 0.5483, AUD/EUR is trading in the region of 0.6866 and AUD/USD is trading in the region of 0.8815

New Zealand Dollar
A concerning slowing in the pace of New Zealand’s consumer price gains left the New Zealand Dollar trending in a softer position at the close of the week. With the rate of inflation plummeting so markedly, the Reserve Bank of New Zealand is unlikely to alter its policy of keeping interest rates on hold for the foreseeable future. New Zealand’s trade data also revealed an unexpected widening in the deficit.
NZD/GBP is trading in the region of 0.4925, NZD/EUR is trading in the region of 0.6222 and NZD/USD is trading in the region of 0.7852

Canadian Dollar
The ‘Loonie’ has been trading in a narrow range for much of the week due to a lack of influential data for Canada. While the slight moderation to the Bank of Canada’s interest rate decision remarks did give the Canadian Dollar an initial boost, the currency has since pared gains against rivals like the Pound.
CAD/GBP is trading in the region of 0.5505, CAD/EUR is trading in the region of 0.6955 and CAD/USD is trading in the region of 0.8909

These exchange rates were correct as of 17:00 GMT
As of Friday, 24th October 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2699, GBP USD exchange rate was 1.609, GBP AUD exchange rate was 1.831, GBP NZD exchange rate was 2.0483, GBP CAD exchange rate was 1.8071, and GBP CNY exchange rate was 9.842.
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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