Exchange Rate News: GBP Declines As Retail Sales Drop, EUR Fluctuates

Published: 14 Nov at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, France, Germany, Japan, South Africa,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1917
While the Pound continues to hold its own against a struggling Euro, the British asset has fallen against the US Dollar as UK retail sales data failed to meet expectations, intimating that the UK’s economic recovery may not be as stable and broad-based as some were beginning to believe.

US Dollar
USD/EUR – Trading in the Region of 0.7430
Although the US Dollar posted widespread declines yesterday as the candidate for the position of chairman of the Federal Reserve stressed the importance of maintaining an accommodative fiscal policy, the ‘Greenback’ recovered ground as the European session got underway. If today’s US initial jobless claims and trade balance data surpass expectations the US Dollar could strengthen during North American trade.

Euro
EUR/USD – Trading in the Region of 1.3463
With data confirming that growth in the Eurozone’s largest economies, France and Germany, slowed in the third quarter of the year the Euro adopted a bearish relationship with its peers. If Eurozone GDP confirms that the currency bloc’s recovery is faltering the Euro may extend declines.

Australian Dollar
AUD/USD – Trading in the Region of 0.9332
The declining odds of the Federal Reserve tapering easing supported the Australian Dollar during the South Pacific session. The ‘Aussie’ was able to advance on its US counterpart and trimmed yesterday’s dip against the Pound. Further AUD/GBP gains occurred following the release of disappointing UK retail sales data.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8261
In spite of a lacklustre retail sales report for New Zealand the ‘Kiwi’ was able to edge away from an eight-week low against the US Dollar overnight. The commodity-driven currency derived support from an improvement in the domestic business performance of manufacturing index as well as mounting tapering speculation in the US.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9547
The ‘Loonie’ staged a modest rebound during North American trading, clawing back ground against the US Dollar after previously hitting a two-month low. While today’s domestic new housing price index could inspire Canadian Dollar movement, US initial jobless claims and trade balance data will largely influence CAD/USD movement.

Japanese Yen
USD/JPY – Trading in the Region of 99.7600
As Asian stocks climbed the Yen tumbled to a two-month low against the US Dollar. Less-than-impressive GDP data for Japan also weighed on the safe-haven asset.

South African Rand
USD/ZAR – Trading in the Region of 10.3050
While the Rand consolidated losses against the US Dollar after South African retail sales figures were published yesterday the South African asset fluctuated overnight. The emerging-market currency gained on the Pound after some disappointing UK news.
As of Thursday, 14th November 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1939, GBP USD exchange rate was 1.6054, GBP AUD exchange rate was 1.7247, GBP NZD exchange rate was 1.9408, GBP CAD exchange rate was 1.6809, GBP JPY exchange rate was 160.9063, and GBP ZAR exchange rate was 16.389.

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