Pound Advances Likely As Unemployment Falls GBP/EUR GBP/USD

Published: 11 Sep 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
Before the release of UK employment figures the Pound little changed against rivals like the US Dollar and Euro. However, with UK jobless claims dropping by more than expected and the nation’s economy adding more positions than forecast Sterling is likely to climb in the hours ahead.
GBP/EUR – Trading in the Region of 1.1864

US Dollar
USD/EUR – Trading in the Region of 0.7540
President Obama’s proposal to hold off on military strike action against Syria, coupled with interest in tomorrow’s speech from the President of the Federal Reserve Bank of New York, helped the ‘Greenback’ recoup losses as the European session opened. Although today’s US wholesale inventories/trade sales data will be worth noting, it’s unlikely to inspire US Dollar movement.

Euro
EUR/USD – Trading in the Region of 1.3261
While German CPI data had little effect on the Euro, the common currency did trim its recent advance against the US Dollar as the prospect of the Federal Reserve tapering stimulus becomes a dominant force in currency markets once more.

Australian Dollar
AUD/USD – Trading in the Region of 0.9280
As Australia’s Westpac Consumer Confidence Index climbed by 4.7 per cent in September the ‘Aussie’ was able to consolidate gains against rivals like the US Dollar. Tomorrow’s domestic employment data could be the catalyst for notable Australian Dollar movement.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8044
With the Reserve Bank of New Zealand’s rate decision looming, the New Zealand Dollar posted modest declines against peers including the US and Australian Dollar’s overnight. The central bank is expected to hold rates at current levels, but may hint at future interest rate increases.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9661
With last week’s Canadian employment data continuing to boost the ‘Loonie’ the commodity-driven asset remained higher against the US Dollar despite a report showing that domestic housing starts decreased by more than expected. In an absence of local economic news Canadian Dollar fluctuations may occur in response to global developments.

Japanese Yen
USD/JPY – Trading in the Region of 100.2700
With the appeal of the safe-haven Yen reduced by President Obama’s turnaround on the Syria strike issue, the Asian currency dropped to a 7-week low against the US Dollar – bringing its decline for the week so far to 1.6 per cent.

South African Rand
USD/ZAR – Trading in the Region of 10.0207
As the local session opened the Rand was softer against the US Dollar as investors’ focus switched from Syria back to the prospect of the Federal Reserve tapering bond buying. That being said, today’s South African manufacturing production figures could be responsible for Rand movement.
As of Wednesday, 11th September 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1886, GBP USD exchange rate was 1.5818, GBP AUD exchange rate was 1.697, GBP NZD exchange rate was 1.9461, GBP CAD exchange rate was 1.6316, GBP JPY exchange rate was 158.0199, and GBP ZAR exchange rate was 15.6142.

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