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Exchange Rate News: Pound Supported, Aussie Rebounds

Published: 28 Jan 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/USD– Trading in the Region 1.6593
Before the publication of UK growth data the Pound was brushing a 2 ½ year high against the US Dollar. If the report confirms that the UK economy experienced its best year of growth since the onset of the financial crisis Sterling could extend gains.

US Dollar
USD/GBP – Trading in the Region of 0.6023
While the ‘Greenback’ was able to advance on a softening Yen, the North American currency struggled a little yesterday as a report showed a surprising drop in the number of US new home sales. With consumer confidence data for the world’s largest economy out later today further US Dollar movement can be expected.

EUR/USD – Trading in the Region of 1.3660
Although the Euro was boosted yesterday by better-than-forecast sentiment measures for the Eurozone, the common currency put in a mixed performance this morning as a report showed an unexpected stagnation in German producer prices. In the hours ahead the Euro could trade in a tight range against its peers as investors look to Wednesday’s consumer confidence figures for Germany.

Australian Dollar
AUD/USD – Trading in the Region of 0.8802
The ‘Aussie’ staged a rebound overnight as NAB business confidence/business conditions reports for Australia showed improvement. With the data lowering the odds of the Reserve Bank of Australia issuing a rate cut in the near future the South Pacific currency was able to advance on several of its main rivals.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8290
A lack of significant economic data for New Zealand left the ‘Kiwi’ trading in a fairly narrow range against the majority of its currency counterparts. New Zealand Dollar fluctuations were also restrained ahead of this week’s Reserve Bank rate decision. The central bank is expected to leave rates unaltered, but a surprising twist is liable to trigger currency market volatility.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9017
The ‘Loonie’ closed the local session on Monday little changed against its major counterparts as falling commodity prices applied pressure to the Canadian currency. US developments are likely to be the main cause of Canadian Dollar movement today.

Japanese Yen
USD/JPY – Trading in the Region of 102.7500
As Asian stocks reversed their decline the Yen broadly softened. The safe-haven currency was little affected by a modest improvement in Japan’s small business confidence measure, which advanced from 51.1 in December to 51.3 in January.

South African Rand
USD/ZAR – Trading in the Region of 11.0537
The Rand remained trading close to a five-year low against its US counterpart as government efforts to bring an end to South Africa’s platinum strikes continued.
As of Tuesday, 28th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2134, GBP USD exchange rate was 1.6568, GBP AUD exchange rate was 1.8859, GBP NZD exchange rate was 2.0045, GBP CAD exchange rate was 1.8467, GBP JPY exchange rate was 171.05, and GBP ZAR exchange rate was 18.1311.
Laura Parsons About Author: (359 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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