Published: 30 Aug 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,
The Pound recovered the losses it made against the US Dollar after the latest consumer confidence and house price data beat economist expectations. As a result Sterling is on track to make a monthly gain against all 16 of its major peers. Adding to the currencyâ€™s strength the British Chamber of Commerce raised its forecasts for UK growth.
Demand for the safe haven Dollar has lessened after the UK parliament voted against military action in Syria. The vote reduces the chance of the West launching an attack but does not rule out a strike by the USA acting alone. The â€˜Greenbackâ€™ was supported by yesterdayâ€™s better-than-expected GDP data and the renewed speculation that the Federal Reserve will begin to taper its monetary policy in September.
The Euro is holding steady near to two-week lows against the US Dollar after positive data out of the States renewed speculation over whether the Federal Reserve will reduce its stimulus programme. The single currency has also been weighed down by worse than expected German retail sales data. The currency is likely to make further movement following the release of the latest Eurozone Consumer Price Index.
The â€˜Aussieâ€™ is set to make its longest monthly losing streak in more than four years due to the USA posting positive GDP data which increased expectations for the Federal Reserve to reduce its monetary stimulus programme.
The â€˜Kiwiâ€™ is set to make a 2.5% fall this month after the currency was heavily impacted by the global sell off of emerging market assets. The countryâ€™s dairy industry was exposed to a false food scare, and investors speculated the Federal Reserve will start unwinding its money printing programme next month.
The â€˜Loonieâ€™ has fallen to its lowest level this week as concern mounts that the two North American economies are diverging and ahead of the release of data which is expected to show that the nationâ€™s economy shrank in June by the biggest margin since 2009.
The Yen has made gains against its peers as demand for the safe haven rose on continuing concern over possible military action against Syria. The currency also found support from data showing that vehicle production decline in the nation improved from-10% to -1.5%, annualized housing starts data also showed improvement albeit below forecasts.
South African Rand
The Rand edged higher against its peers after the threat of military action against Syria eased following a vote against intervention in the UK. The currency was supported by expectations that todayâ€™s balance of trade data will show signs of improvement compared to June.
As of Friday, 30th August 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1724, GBP USD exchange rate was 1.5501, GBP AUD exchange rate was 1.7416, GBP NZD exchange rate was 2.0059, GBP CAD exchange rate was 1.6334, GBP JPY exchange rate was 152.1825, and GBP ZAR exchange rate was 15.9384.