Pound And Euro Close To Month Highs GBP/USD, EUR/USD

Published: 6 Jun 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,

Pound Sterling
GBP/USD – Trading Higher, 1.5334
Yesterday’s better-than-forecast UK Services PMI pushed the Pound to a four-week high against the US Dollar. Sterling also strengthened against the Euro as investors await the outcome of today’s Bank of England policy meeting and rate decision.

US Dollar
USD/GBP – Trading Lower, 0.6480
A private report showing an unexpected decline in US hiring caused the US Dollar to soften during local trade and the safe-haven currency continues to trade lower against a broadly stronger Pound and Euro. The ‘Greenback’ has also failed to push back above 100 Yen per Dollar ahead of tomorrow’s volatile non-farm payrolls report.

Euro
EUR/USD – Trading Higher, 1.3120
The Euro rose to a four-week high against its American rival ahead of today’s European Central Bank rate decision/policy announcement. The common currency may experience modest fluctuations following the release of German factory order data, but tomorrow’s US non-farm payrolls will be the big cause of market volatility this week.

Australian Dollar
AUD/USD – Trading Lower, 0.9485
Yesterday’s report showing smaller than expected domestic economic growth inspired widespread declines in the Australian Dollar. During local trade the ‘Aussie’ fell further still as Australia posted significantly lower than anticipated trade surplus. The currency is now touching its lowest level against its US counterpart since 2011.

New Zealand Dollar
NZD/USD – Trading Lower, 0.7947
The ‘Kiwi’ fell against both the US Dollar and the Japanese Yen as falling Asian stocks lessened the appeal of higher-risk assets. As the weekend draws near news from the US (particularly Friday’s employment report) is likely to be the main catalyst for New Zealand Dollar movement.

Canadian Dollar
CAD/USD – Little Changed, 0.9678
During the local session the ‘Loonie’ posted a modest gain against its US counterpart following the publication of a disappointing private employment report. As European trade began the Canadian Dollar was little changed, but today’s North American news (including Canadian Ivey PMI and US initial jobless claims) could inspire fluctuations.

Japanese Yen
USD/JPY – Yen Slightly Stronger, 99.3000
The Yen largely retained its recent gains against its US counterpart during local trade as investors turned to the Asian asset in the wake of risk-aversion inspired by declining local stocks. The Yen was also supported over the Dollar as US data revealed an easing in the rate of domestic hiring.

South African Rand
ZAR/USD – Rand Weaker, 10.0182
With Gill Marcus, Governor of the South African Reserve Bank, due to deliver a speech at the Bureau for Economic Research conference today the Rand was moderately softer against the US Dollar as local trade began. The currency is likely to experience fluctuations as the day continues.

As of Thursday, 6th June 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1777, GBP USD exchange rate was 1.5596, GBP AUD exchange rate was 1.6315, GBP NZD exchange rate was 1.9511, GBP CAD exchange rate was 1.6023, GBP JPY exchange rate was 151.7244, and GBP ZAR exchange rate was 15.3962.

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