Exchange Rate News: GBP/USD, EUR/GBP Trading In A Tight Range

Published: 11 Nov 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, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1965
While the Pound retained much of last week’s gains against the Euro over the weekend, the British asset is likely to come under pressure as investors speculate on the outcome of the Bank of England’s quarterly inflation report and UK growth forecasts.

US Dollar
USD/EUR – Trading in the Region of 0.7474
With officials from the Federal Reserve due to speak out this week, and perhaps offer more concrete guidance regarding the tapering of quantitative easing, the ‘Buck’ began the European session supported against the Euro and Pound. Tomorrow’s Chicago activity index for September could also impact the safe-haven currency.

Euro
EUR/USD – Trading in the Region of 1.3383
Ahead of the release of this week’s growth data for the Eurozone, France and Germany the Euro was holding steady against the US Dollar and Pound. However, if the reports confirm that growth decelerated the common currency could falter as the week continues.

Australian Dollar
AUD/USD – Trading in the Region of 0.9383
With Australian home loans increasing by 4.4 per cent in September rather than the 3.5 per cent predicted the ‘Aussie’ was able to claw back recent losses against its US peer. During Australasian trading the Australian Dollar also advanced on the Euro and Pound.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8270
While positive data for China supported the New Zealand Dollar, the South Pacific currency’s gains against the ‘Greenback’ were aided by an improved outlook for milk production. Better-than-expected domestic retail card spending figures also boosted the ‘Kiwi’.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9554
Friday’s impressive employment report for Canada helped the ‘Loonie’ recover losses against the majority of its most traded rivals. However, as a new week begins the Canadian Dollar remains slightly softer against its bullish US counterpart.

Japanese Yen
USD/JPY – Trading in the Region of 99.0100
Impressive US employment data helped the US Dollar rally against the Yen on Friday and edge back towards the psychological 100 Yen per Dollar level. The USD/JPY pairing remained supported as investors speculated on content of speeches to be delivered by several Federal Reserve officials this week.

South African Rand
USD/ZAR – Trading in the Region of 10.2720
The Rand was trading in a narrow range against rivals like the US Dollar and Pound as investors looked ahead to the week’s big economic news, including growth reports for the Eurozone and initial jobless claims data for the US. The major South African data to watch out for, domestic retail sales, is due out on Wednesday.
As of Monday, 11th November 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1923, GBP USD exchange rate was 1.5986, GBP AUD exchange rate was 1.7073, GBP NZD exchange rate was 1.9359, GBP CAD exchange rate was 1.6739, GBP CNY exchange rate was 9.7376, GBP JPY exchange rate was 158.5058, and GBP ZAR exchange rate was 16.6125.

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