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GBP Weaker On Profit Taking, USD Struggling, CAD Trending Higher

Published: 27 May at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

GBP/USD – Trading in the Region of 1.6820
The Pound was slightly softer against the US Dollar as investors engaged in a bit of profit taking in a comparatively quiet news week. If today’s US Markit PMI and consumer confidence figures disappoint expectations the Pound could recover losses.

US Dollar
USD/GBP – Trading in the Region of 0.5938
The US Dollar eased lower against several of its most traded peers as bets that this week’s US durable goods orders report will show a decline lessened the ‘Greenback’s appeal. If US data continues to be patchy the Fed is unlikely to consider increasing interest rates for some time to come, a factor which will keep pressure on the US Dollar.

EUR/USD – Trading in the Region of 1.3644
Over the weekend European Central Bank President Mario Draghi asserted that deflation concerns are likely to prompt the introduction of additional stimulus next month. A lack of economic news from the Eurozone may restrain further Euro volatility over the next few hours.

Australian Dollar
AUD/USD – Trading in the Region of 0.9254
The ‘Aussie’ closed the local session in a stronger position against several of its currency counterparts in spite of a decline in Australia’s ANZ consumer confidence measure.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8546
While below-forecast trade data for New Zealand inspired some ‘Kiwi’ declines over the weekend, the New Zealand Dollar recovered a firmer footing against rivals like the Pound and US Dollar on Tuesday.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9229
On Friday the Canadian Dollar rallied as domestic inflation figures met forecasts. The ‘Loonie’ largely held these gains over the weekend, and a lack of important Canadian data could leave the currency trading in a narrow range in the days ahead.

Japanese Yen
USD/JPY – Trading in the Region of 101.9000
Ahead of Bank of Japan Governor Haruhiko Kuroda’s economic conference, the safe-haven Yen faltered against several of its rivals. The Japanese asset weakened against the US Dollar, Euro and Pound.

South African Rand
USD/ZAR – Trading in the Region of 10.3530
As investors processed the new South African cabinet (including the nation’s new finance minister) the Rand softened against the US Dollar. The Rand was also feeling the pressure ahead of the publication of South African growth data.
As of Tuesday, 27th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2329, GBP USD exchange rate was 1.6812, GBP AUD exchange rate was 1.8154, GBP NZD exchange rate was 1.9626, GBP CAD exchange rate was 1.8253, GBP JPY exchange rate was 171.4539, and GBP ZAR exchange rate was 17.5758.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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