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US Dollar Rallies Versus Euro (USD/EUR); ?Aussie? (AUD) and ?Kiwi? (NZD) Soften

Published: 28 Jul at 11 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany, South Africa,

Pound (GBP)\r\n\r\n
Monday sees the Pound (GBP) currently trading up at 1.6977 against the US Dollar (USD). Tuesday will see the publication of UK Mortgage Approvals alongside Net Lending Secured on Dwellings data which could give support to the Pound against other major currency peers. However, concerns are rising regarding the high trading position of the Pound in the currency market. Industry expert Keith McGregor stated: ‘The Pound’s rapid rise is one of the biggest pressures on earnings, although the problem highlighted in profit warnings isn’t one of sales but of currency translation.’

\r\n\r\nEuro (EUR)\r\n\r\n
The Euro (EUR) has struggled against other majors in recent weeks, with geopolitical tensions rising and a string of poor data published for the Eurozone. The latter half of last week saw disappointing IFO figures for German Business Climate, German Current Assessment as well as German Expectations. The Euro has fallen to nearly its lowest point in eight months against the US Dollar which is trading in the region of 1.3438. With economists expecting positive US data this week, the Euro may be subject to further depreciation against the ’Buck’.

\r\n\r\nUS Dollar (USD)\r\n\r\n
Monday has seen the US Dollar (USD) maintain considerable gains against the Euro (EUR)—reaching a near eight-month pinnacle—following a week climbing against other major currencies. The ‘Buck’ was able to gain off the back of favourable unemployment data last week, showing a surprise dip in job-seeking numbers. ANZ Bank New Zealand representative Sam Tuck commented: ‘The bias is for the US Dollar to creep higher. You’d expect the Euro to remain under pressure in the short term.’ The US Dollar is presently trading against the Euro at 1.3436; whilst trending against the Pound (GBP) at 1.6976.

\r\n\r\nCanadian Dollar (CAD)\r\n\r\n
The Canadian Dollar (CAD) last week fell against the US Dollar (USD), placing it at its lowest value in the latter five weeks. With the US employment sector producing positive figures, the ‘Loonie’ looks likely to continue to pale in comparison to the bullish ‘Buck’ in the near future. Currency expert David Doyle commented: ‘The economic numbers are likely to continue to be a drag on the Canadian Dollar. We’re seeing quite a bit of momentum in the US labour market.’ The Canadian Dollar is currently trading against the ‘Greenback’ at 0.9255.

\r\n\r\nAustralian Dollar (AUD)\r\n\r\n
The Australian Dollar (AUD) is presently trending in the region of 0.9387 against the US Dollar (USD), falling back below the 94 cents benchmark that it rallied into last week. This session has seen highs of 0.9402, however; this level appears unsustainable as the US Dollar has been substantially climbing against the Euro and other majors. Trader Milica Nikolic commented: ‘The “Aussie” didn’t move too much today ahead of some major data out from the US later this week.’

\r\n\r\nNew Zealand Dollar (NZD)\r\n\r\n
The New Zealand Dollar (NZD) is currently trending in the region of 0.8530 against the US Dollar after falling sharply in the latter half of last week. The ‘Kiwi’ has fallen after the Prime Minister of New Zealand, John Key, commented that he agreed with previous comments from the Reserve Bank of New Zealand (RBNZ), that the currency was trading too highly in the currency market- claiming that it was over-valued. The ‘Kiwi’ however will await possible fluctuations as dairy commodity prices may see a dip this week, which will cause further instability for the commodity currency. Forex expert Martin Rudings commented on the foreseeable future of the ‘Kiwi’ stating: ‘It’s likely to go lower in the short term.’

\r\n\r\nSouth African Rand (ZAR)\r\n\r\n
Negotiations still continue in South Africa regarding the National Union of Metalworkers of South Africa work stoppage. However it is hoped that this week’s talks are edging closer to a conclusion, as the South African economy falters as a result of such strain on production. NUMSA’s leader Irvin Jim stated: ‘There has been development on that front, which we’re not revealing until we’ve presented to our members.’ The US Dollar (USD) is presently trading against the South African Rand (ZAR) at 10.4920, reaching session highs of 10.5150.
As of Monday, 28th July 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2637, GBP USD exchange rate was 1.6982, GBP AUD exchange rate was 1.8057, GBP NZD exchange rate was 1.9874, GBP CAD exchange rate was 1.8343, and GBP ZAR exchange rate was 17.9359.
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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