EXCHANGE RATE NEWS: QUIET SESSION EXPECTED

Published: 11 Dec at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa, Sweden,

Pound Sterling

Sterling is not expected to make much movement today as relevant or important economic data releases are lacking. The next piece of UK data is not due for release until Friday with economists expecting the report to show that construction output
increased by 1.6% in October.

US Dollar

The US Dollar halted its decline to push firmer against its peers due to investors increasing their bets that the Federal Reserve will announce a tapering of its monetary easing programme at next week’s policy meeting.

Euro

The single currency has made its longest winning streak for a year against the US Dollar as EU finance ministers got closer to making a deal regarding the formation of a banking union. Against the Swedish Krona the Euro jumped to an 18-month high.

Australian Dollar

The Aussie is weaker due to expectations that Thursday’s unemployment data will show that the number of Australians out of work will rise to match a 2009 high. The overall unemployment rate is expected to have risen to 5.8% in November.

New Zealand Dollar

The ‘Kiwi’ weakened against the Pound and other peers as investors look ahead to today’s Reserve Bank of New Zealand policy meeting where interest rates are expected to be held at a record low of 2.5%.

Canadian Dollar

The Canadian Dollar managed to advance for a fourth day after the price of crude oil, Canada’s biggest export leapt to a six-week high.

Japanese Yen

The Yen recovered from a six-month low due to increased demand for safe havens in the Asian session. The rise came after Asian stocks decline and on speculation that the currency’s recent fall was too rapid.


South African Rand

The Rand is muted against the US Dollar and other peers but could make some movement if today’s retail sales and inflation data surprise the market.

As of Wednesday, 11th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.188, GBP USD exchange rate was 1.6377, GBP AUD exchange rate was 1.8104, GBP NZD exchange rate was 1.9794, GBP CAD exchange rate was 1.7347, GBP JPY exchange rate was 167.8955, and GBP ZAR exchange rate was 17.0208.

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