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Fri 27 May 2022 07:04GMT

Exchange Rate News: All eyes on Federal Reserve policy meeting

Published: 29 Oct at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, France, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1683
The Pound softened against the US Dollar and weakened to a two-month low against the Euro ahead of the release of a report which is expected to show that mortgage approvals in the UK rose to a five-year high in September. Sterling is likely to soften further in the afternoon as the markets will turn their attention to the release of a plethora of data from the United States

US Dollar
USD/EUR - Trading in the Region of 0.7264
The ‘Greenback’ fell against the Yen after small business confidence improved in the Asian nation. Against most of its major rivals the Dollar was higher as traders keep a close eye on the start of the two-day long Federal Reserve policy meeting later today. The Fed was not expected to announce any change to the rate of its $85 billion-a-month asset purchase program.
The Euro
EUR/USD - Trading in the Region of 1.3765
The Euro is trading at a two-month high against the Pound and is softer against the US Dollar. There are no major data releases due for the single currency so any movement will depend on external factors such as the afternoon’s US economic data. The currency found some support after France recorded a slight rise in consumer confidence.

Australian Dollar
AUD/USD – Trading in the Region of 0.9508
The ‘Aussie’ fell to its lowest level in nearly two weeks after the governor of the Australian Reserve Bank; Glenn Stevens said that the currency may be weaker in the future.

New Zealand Dollar
NZD/USD - Trading in the Region of 0.8254
The ‘Kiwi’ fell and is heading for a key support level ahead of the start of the Federal Reserve’s policy meeting later today. Expectations are high that the New Zealand Central Bank will choose to maintain interest rates at 2.5% on Thursday.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9583
The ‘Loonie’ halted its declines against the US Dollar as speculation builds that the US Federal Reserve will choose to maintain its monetary easing programme which is likely to devalue the ‘Greenback’. The currency also found support after the value of crude oil, Canada’s biggest export rose.

Japanese Yen
USD/JPY – Trading in the Region of 97.5569
The Yen strengthened against the US Dollar and the Euro after data showed that retails sales and job creation improved, diminishing the need for the Japanese Central Bank to introduce more stimulus measures. The currency was also supported for an increased demand for safe haven assets as Asian stocks fell.

South African Rand
ZAR/USD – Trading in the Region of 0.1013
The Rand is set to weaken against the US Dollar as the latest jobless data for South Africa is due for release. The data is expected to show that unemployment stood around 25% in the second quarter. The Rand will also be heavily influenced by what happens with the Federal Reserve’s two-day long policy meeting.

As of Tuesday, 29th October 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1677, GBP USD exchange rate was 1.6047, GBP AUD exchange rate was 1.6932, GBP NZD exchange rate was 1.9444, GBP CAD exchange rate was 1.6803, GBP JPY exchange rate was 157.589, and GBP ZAR exchange rate was 15.868.
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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