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Exchange Rate News: GBP/USD, GBP/EUR Rallies On Strong UK GDP

Published: 25 Oct 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/EUR – Trading in the Region of 1.1735
The Pound was little changed against the Euro this morning but heading for a five-day gain against the US Dollar. But with UK GDP data confirming that the British economy expanded at its most rapid quarterly pace for three-years in the third quarter, Sterling rallied against several of its major peers as the local session continued.

US Dollar
USD/EUR – Trading in the Region of 0.7255
The expectation that today’s US durable goods orders and confidence data will add to the recent stream of disappointing US reports left the ‘Greenback’ heading for five-day declines against peers like the Pound and Euro. The influential University of Michigan confidence gauge is forecast to dip to 75 from 75.2 in September.

EUR/USD – Trading in the Region of 1.3774
While the Euro began the local session strongly, the common currency went on to fluctuate against peers like the Pound and US Dollar as German confidence gauges failed to meet estimates. Ifo measures of business climate, expectations and current assessment all came in below target. Positive UK news contributed to EUR/USD declines.

Australian Dollar
AUD/USD – Trading in the Region 0.9592
As the ‘Aussie’ posted notable gains yesterday in response to encouraging Chinese manufacturing data, investors booked profits during the Australasian session and the South Pacific currency softened.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8312
Hints that the Reserve Bank of New Zealand might not be as prepared to increase interest rates as was implied in recent policy statements saw the ‘Kiwi’ tumble overnight. The New Zealand Dollar is now in line to post a five-day decline of 2.1 per cent against its US counterpart.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9581
The Bank of Canada’s policy statement, which excluded hints of a future rate increase for the first time in 25 months, weighed heavily on the ‘Loonie’ during the local session. The commodity-driven asset posted its most significant decline against the US Dollar for four-months, despite the ‘Buck’ also coming under pressure as a result of domestic concerns.

Japanese Yen
USD/JPY – Trading in the Region of 96.9800
As Asian stocks declined the Yen’s bullish relationship with the US Dollar continued and the safe-haven currency was able to advance to an over two-week high.

South African Rand
USD/ZAR – Trading in the Region of 9.7662
Although the US Dollar broadly softened overnight as investors looked ahead to today’s confidence index for the world’s largest economy, the Rand weakened slightly against the ‘Buck’ during local trading. Next week’s employment data is the next South African report to watch out for.
As of Friday, 25th October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1712, GBP USD exchange rate was 1.6166, GBP AUD exchange rate was 1.6867, GBP NZD exchange rate was 1.9524, GBP CAD exchange rate was 1.6892, GBP CNY exchange rate was 9.8351, GBP JPY exchange rate was 157.4568, and GBP ZAR exchange rate was 15.8858.
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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