SendMoney.org.uk

Compare exchange rates, send money abroad and online

Fri 8 Nov 2024 01:54GMT

UK And US Growth Data Could See The Pound And US Dollar Gain GBP/EUR USD/EUR

Published: 26 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,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1897
If today’s UK growth report confirms expansion of 0.7 per cent in the second quarter the Pound could consolidate gains against peers like the US Dollar and Euro. As it stands, the British asset is trading close to an eight-month high against the ‘Greenback’ and an over seven-month high against the common currency.

US Dollar
USD/EUR – Trading in the Region of 0.7398
Ongoing fears of a federal shutdown and the expectation that the US economy expanded by more than initially recorded in the second quarter supported the safe-haven ‘Greenback’ overnight. Economists are expecting today’s report to show annualised growth of 2.6 per cent in the second quarter, compared to a previous estimate of 2.5 per cent.

Euro
EUR/USD – Trading in the Region of 1.3523
After gaining yesterday as German consumer confidence increased by more than expected, the Euro softened against the Pound and US Dollar after Spanish Prime Minister Mariano Rajoy asserted that a weaker Euro would be beneficial to Spain’s economy. The common currency could slide further against its UK and US rivals if today’s GDP reports meet estimates.

Australian Dollar
AUD/USD – Trading in the Region of 0.9391
As Asian stocks rallied the ‘Aussie’ gained on the ‘Greenback’, clawing back losses sustained over the last two days. In the hours ahead Australian Dollar fluctuations could be inspired by US news.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8286
The ‘Kiwi’ was able to reverse recent declines against rivals like the US Dollar during the local session as investors raised bets that the Reserve Bank of New Zealand will be the first central bank to hike interest rates.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9696
The ‘Loonie’ slumped to a week-low against its US counterpart after higher-risk currencies lost their appeal in the face of US debt ceiling fears. The commodity-driven Canadian Dollar was also adversely affected as the discount for crude oil approached an eight-month high.

Japanese Yen
USD/JPY – Trading in the Region of 98.9300
As an unnamed source intimated that the Japanese government is planning to study a corporate tax cut the Yen softened against the ‘Greenback’ for the first time in two days. The Yen could extend declines against its US rival if the world’s largest economy is shown to have expanded by more than expected.

South African Rand
USD/ZAR – Trading in the Region of 9.9558
Prior to the publication of South African producer-price inflation figures the Rand continued trading in a tight range against the US Dollar. While a positive domestic report could support the Rand, if US second quarter GDP expanded by more than estimated (as economists expect) the South African asset could shed any gains.
As of Thursday, 26th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1891, GBP USD exchange rate was 1.6038, GBP AUD exchange rate was 1.7125, GBP NZD exchange rate was 1.9341, GBP CAD exchange rate was 1.6536, GBP JPY exchange rate was 158.8159, and GBP ZAR exchange rate was 16.0291.
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.

Live Exchange Rates