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Thu 16 Jul 2020 03:37GMT


Published: 25 Apr 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, Italy, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading Higher
The Pound is likely to experience upward movement in the hours ahead following the release of first quarter GDP data for the UK. Although economists forecast that GDP would rise by 0.1 per cent in the first three months of 2013, it actually rose by 0.3 per cent. Sterling could post notable gains against its peers now that it has been confirmed that the UK avoided an unprecedented triple-dip recession.

US Dollar
USD/EUR – Trading Lower
The US Dollar fell against the majority of its higher-risk rivals as a less-than-impressive durable goods orders report for the world’s largest economy raised the odds of global central banks maintaining or increasing current stimulus measures. Riskier assets were consequently boosted, causing the safe-haven ‘Greenback’ to fall. Additional Dollar movement is likely to occur following the publication of initial jobless claims figures for the US.

EUR/USD – Trading Higher
After sliding against its peers following the release of two worse-than-forecast economic surveys for Germany, the Euro was able to strengthen as risk-appetite returned to the market. The common currency also benefitted from the Political situation in Italy finally being resolved. This morning’s German macroeconomic forecast could be a cause of further Euro movement.

Australian Dollar
AUD/USD– Trading Higher
The commodity-driven ‘Aussie’ enjoyed a rebound during local trade as the price of gold edges higher. The Australian Dollar was also able to post a notable advance against a broadly-softening US Dollar as another piece of concerning US data fuelled speculation regarding the likelihood of central banks continuing with stimulus measures.
New Zealand Dollar
NZD/USD – Trading Higher
With riskier-currencies supported by developments in the US the New Zealand Dollar was able to extend gains recorded in the wake of the Reserve Bank of New Zealand’s Rate announcement. The RBNZ held the benchmark rate at its previous level but released positive statements regarding the South Pacific nation’s economic outlook. When New Zealand’s trade balance figures are released at 23:45 GMT ‘Kiwi’ fluctuations are likely to occur.

Canadian Dollar
CAD/USD – Trading Lower
Although US durable goods orders declining by more-than-anticipated in March boosted higher-risk currencies by increasing the odds of central banks maintaining stimulus measures, the news initially triggered ‘Loonie’ declines. As the US is Canada’s largest trading partner the 5.7 per cent slump in orders for durable goods pushed the Canadian Dollar close to a six-week low against the ‘Greenback’. Today ‘Loonie’ fluctuations could occur in response to US initial jobless claims and Canadian average weekly earnings data.

Japanese Yen
JPY/EUR – Trading Lower
Indications that Japanese investors are turning to foreign assets caused the Yen to weaken against the majority of its peers, although it recouped losses posted against the ‘Greenback’ after US durable goods orders were shown to have fallen by more-than-expected in March. Tomorrow’s Bank of Japan Rate decision is likely to cause Yen volatility.

South African Rand
ZAR/USD – Trading Higher
As commodity prices firmed following last week’s slump the Rand was able to strengthen. Gold prices, which hit four-year lows following the release of disappointing Chinese GDP figures earlier this month, have been rising steadily, and the increases recorded yesterday boosted commodity-driven currencies like the Rand.

As of Thursday, 25th April 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1868, GBP USD exchange rate was 1.5437, GBP AUD exchange rate was 1.4994, GBP NZD exchange rate was 1.8139, GBP CAD exchange rate was 1.5747, GBP CNY exchange rate was 9.5265, GBP JPY exchange rate was 153.4094, and GBP ZAR exchange rate was 14.0519.
Laura Parsons About Author: (357 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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