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Canadian Dollar (CAD) and New Zealand Dollar Gains, US Dollar (USD) Softens

Published: 28 Aug at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, South Africa,

Pound (GBP)

The Pound (GBP) is firm against the Euro (EUR) which has reached a two week low in the GBP to EUR exchange rate. With a lack of UK data publishing this week and in the beginning of next week, the Pound is left to fluctuate from the results of Eurozone publications. Forex expert Chris Turner stated: ‘The UK calendar is light into next week, thus the Euro/Sterling trend will largely be determined by the Euro.’ The Pound is currently trading at 1.2558 versus the Euro, and at 1.6598 against the US Dollar (USD).

Euro (EUR)

The Euro (EUR) is volatile on Thursday as German unemployment figures have risen surprisingly, despite being forecast to drop. Economists had predicted that Unemployment Change would shrink by 5,000—instead unemployment rose by 1,000. However, the Unemployment Rate figures managed to stagnate at 6.7%. Further influence will be found this afternoon from the release of the German Price Index, which is used as an inflationary measure. The Euro is currently trading at 0.7960 versus the Pound (GBP) and 1.3211 in its exchange rate against the US Dollar (USD).

US Dollar (USD)

The US Dollar (USD) is currently trading lower against the Pound (GBP) at 0.6026, whilst also trending in the region of 0.7571 against the Euro (EUR). The US Dollar has softened as investors risk appetite in other currencies grows again. Foreign exchange expert Alan Ruskin stated: ‘Today there is a risk positive (sentiment) and currencies that would benefit from a risk perspective have done so.’

Canadian Dollar (CAD)

The Canadian Dollar (CAD) made gains on Wednesday as the Canadian chain renowned for drinks and doughnuts, Tim Horton’s, was purchased by the American fast food giant Burger King. Any purchase of a Canadian business by another country will effectively boost the need for Canadian currency at the close of the agreement. The Canadian Dollar has reached session highs of 0.9227 against its US Dollar (USD) counterpart.

Australian Dollar (AUD)

The Australian Dollar (AUD) is presently trending in the region of 0.9354 versus the US Dollar (USD) after its found itself reaching a three week high in the currency market. The ‘Aussie’ has strengthened against all 16 majors following the revelation that companies had revised forecasts of spending higher than previously predicted. Thursday has shown Australian New Home Sales fall by 5.7% in July, whereas Australian Private Capital Expenditure has grown by 1.1%, surprising economists’ forecasts of -0.9%.

New Zealand Dollar (NZD)

The New Zealand Dollar (NZD) has gained some strength in the currency market following the New Zealand dairy company, Fronterra, entering into an agreement with China to try to crack the demand for infant milk formula. Thursday will see the release of New Zealand Building Permits whilst Activity Outlook, Business Confidence, Private Sector Credit, and Money Supply are all published on Friday. The New Zealand Dollar exchange rate is trending at 0.8396 against the US Dollar (USD).

South African Rand (ZAR)

The Pound (GBP) has been reaching highs of 17.6805 against the South African Rand (ZAR) on Thursday, whilst also dipping to lows of 17.5702. The Rand saw some slight stability following the news that the South African economy had managed to escape recession, by expanding by 0.6% in the second quarter rather than contracting like it had in the first. Economist Christie Viljoen stated: ‘The second half of the year should look better than the first half, but we cannot talk about a real rebound yet because business and consumer confidence is just too low. The government has not really made any attempts to improve the economy after the impact of the strike.’
As of Thursday, 28th August 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2583, GBP USD exchange rate was 1.6585, GBP AUD exchange rate was 1.7726, GBP NZD exchange rate was 1.9799, GBP CAD exchange rate was 1.801, GBP CNY exchange rate was 10.1878, and GBP ZAR exchange rate was 17.6215.
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.

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