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UK GDP In Focus, AUD Under Pressure

Published: 26 Feb 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/USD – Trading in the Region of 1.6689
Yesterday’s impressive UK mortgage approvals report and the expectation that the Bank of England will introduce a rate increase early next year helped the Pound strengthen against several of its major peers. Sterling was holding on to gains against the US Dollar and Euro but may fluctuate if today’s UK GDP figures defy forecasts.

US Dollar
USD/GBP – Trading in the Region of 0.5999
The ‘Greenback’ softened slightly yesterday as a measure of US consumer confidence fell by more than anticipated. With mortgage application and new home sales data due for release the US Dollar could experience further movement, although investors will also be looking ahead to Janet Yellen’s monetary policy testimony to the senate – scheduled to take place on Thursday.

Euro
EUR/USD – Trading in the Region of 1.3753
Although the Euro remained trading slightly lower against the Pound and US Dollar, the common currency extended gains against the Australian Dollar thanks to a surprisingly strong German consumer confidence report.

Australian Dollar
AUD/USD – Trading in the Region of 0.9012
With the price of iron ore falling for a fifth day the Australian Dollar softened against several of its major rivals. The currency was also adversely affected by disappointing Australian construction work figures.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8339
The New Zealand Dollar traded in a narrow range against several of its major currency counterparts overnight ahead of the release of trade balance data for New Zealand. Today US news and commodity developments could cause ‘Kiwi’ movement.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9027
The Canadian Dollar came under pressure yesterday as a well known economist asserted that the currency is still 10 per cent overvalued. Any ‘Loonie’ fluctuations which occur today will most likely be occasioned by developments in the US.

Japanese Yen
USD/JPY – Trading in the Region of 102.3100
With economic weaknesses in China inspiring a bout of risk aversion the Yen strengthened against several of its rivals. The currency held gains after Bank of Japan policy board member Ishida met with business leaders.

South African Rand
USD/ZAR – Trading in the Region of 10.6473
Before South Africa’s Finance Minister delivered his budget speech the Rand was trading close to a six-week high against its US counterpart. The emerging-market asset was supported yesterday by better-than-forecast local growth data.
As of Wednesday, 26th February 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2183, GBP USD exchange rate was 1.6667, GBP AUD exchange rate was 1.8596, GBP NZD exchange rate was 2.0058, GBP CAD exchange rate was 1.8563, GBP CNY exchange rate was 10.2082, GBP JPY exchange rate was 170.5067, and GBP ZAR exchange rate was 18.075.
Dominic Lee About Author: (473 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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