Pound (GBP) Boosted, Euro (EUR) Close To 7-Week High, Aussie (AUD) Rebounds

Published: 6 Aug at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, France, Germany, Greece, Ireland, Italy, Japan, South Africa, Portugal,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1572
Sterling could extend gains today if UK industrial production data meets or exceeds estimates for an increase of 0.7 per cent in May. Already today a report has shown that UK house prices climbed for a sixth month in July.

US Dollar
USD/EUR – Trading in the Region of 0.7545
With the President of the Federal Reserve Bank of Chicago preparing to speak later today, the US Dollar gained on the Yen for the first time in two days. The North-American asset was also supported by yesterday’s surprisingly strong non-manufacturing composite index.

Euro (Currency of Germany, France, Spain, Italy, Portugal, Greece, Ireland etc)
EUR/USD – Trading in the Region of 1.3255
The expectation that today’s Italian GDP report and German factory order data will show improvement supported the Euro as the European session began. The common currency was little changed against its British counterpart and trading close to a 7-week high against the ‘Greenback’.

Australian Dollar
AUD/USD – Trading in the Region of 0.8983
As expected by economists, the Reserve Bank of Australia opted to slash the overnight cash rate to a new record low in order to bolster domestic growth. The ‘Aussie’ surged in response, advancing on the majority of its peers during local trade. Although a report showed that Australia posted a smaller-than-expected trade surplus in June, the nation’s house price index gained by significantly more than forecast.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.7862
The ‘Kiwi’ was able to rebound from yesterday’s lows after New Zealand’s government allayed fears regarding China banning some of the nation’s milk products. New Zealand Dollar volatility can be expected to occur in response to today’s domestic employment data, published at 23:45 GMT.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9647
‘Loonie’ movement was limited yesterday as local markets closed for a nationwide holiday. Canada’s currency did edge lower against the US Dollar however as the ‘Greenback’ recouped some of the losses sustained in reaction to Friday’s employment data. A building permits report, due out tomorrow, is the next significant piece of Canadian news.

Japanese Yen
USD/JPY – Trading in the Region of 98.4200
After gaining on the US Dollar for two days, Japan’s Yen slipped against its US rival during the local session. The ‘Greenback’ was supported by yesterday’s better-than-forecast non-manufacturing composite gauge and speculation regarding today’s speech by the President of the Federal Reserve Bank of Chicago.

South African Rand
ZAR/USD – Trading in the Region of 9.8414
With South Africa’s biweekly bond auction coming up, the Rand began the local session trading steadily against several of its rivals. Economists have forecast that today’s auction could give the currency direction in the hours ahead.
As of Tuesday, 6th August 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1534, GBP USD exchange rate was 1.5347, GBP AUD exchange rate was 1.7083, GBP NZD exchange rate was 1.9422, GBP CAD exchange rate was 1.5921, GBP CNY exchange rate was 9.3949, GBP JPY exchange rate was 149.975, and GBP ZAR exchange rate was 15.252.

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