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Wed 2 Dec 2020 00:46GMT

Exchange Rate News: US Dollar Stronger, Euro Recovers Ground

Published: 30 Jan at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,

Pound Sterling
GBP/USD– Trading in the Region 1.6511
The FOMC decision and better-than-expected employment data for Germany saw the Pound soften against the US Dollar and Euro. The British asset might recoup losses following the release of UK mortgage approvals data, but investors will also be looking ahead to tomorrow’s British consumer confidence report.

US Dollar
USD/GBP – Trading in the Region of 0.6057
As forecast by the majority of economists, the Federal Open Market Committee commented on the gradual nature of the US economic recovery and tapered stimulus by 10 billion Dollars. The ‘Buck’ consequently advanced on the majority of its most traded peers and remained trading higher as European trading began.

EUR/USD – Trading in the Region of 1.3615
An impressive decline in the level of joblessness in Germany saw the nation’s unemployment rate unexpectedly drop to 6.8 per cent in January. The upbeat result left the Euro stronger against its major peers ahead of several confidence reports for the Eurozone.

Australian Dollar
AUD/USD – Trading in the Region of 0.8752
Poor domestic data and a concerning manufacturing report for China inspired widespread ‘Aussie’ losses during Australasian trading. The South Pacific asset was already on the back foot following the FOMC announcement and was left languishing against the US Dollar.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8168
In the wake of the Reserve Bank of New Zealand’s rate announcement, which stated that rates would be left unaltered, the ‘Kiwi’ plummeted against several of its major peers. The New Zealand Dollar was also adversely affected by China’s manufacturing PMI, which showed that the sector contracted by more than anticipated.

Canadian Dollar
CAD/USD – Trading in the Region of 0.8948
A lack of economic news for Canada meant that ‘Loonie’ movement was once again driven by external developments. While the FOMC decision caused the CAD/USD pairing to extend declines, the Canadian Dollar could enjoy a rebound tomorrow if domestic growth figures impress.

Japanese Yen
USD/JPY – Trading in the Region of 102.2100
The Yen lost ground against the US Dollar after the FOMC decision, but the safe-haven currency was able to gain on higher-risk peers as investors sought more stable ground.

South African Rand
USD/ZAR – Trading in the Region of 11.3471
The Rand was able to break free from a recent run of declines as local trading began and South Africa’s Finance Minister stressed that the currency was oversold.
As of Thursday, 30th January 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2168, GBP USD exchange rate was 1.6497, GBP AUD exchange rate was 1.876, GBP NZD exchange rate was 2.017, GBP CAD exchange rate was 1.8408, GBP CNY exchange rate was 9.9988, GBP JPY exchange rate was 169.5125, and GBP ZAR exchange rate was 18.455.
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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