Daily Exchange Rate Round Up: GBP/EUR at four-week low, USD weaker etc

Published: 22 May 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,

Daily Exchange Rate Round Up: GBP/EUR at four-week low, USD weaker etc

Pound Sterling

GBP/USD- Trading Lower, 1.5146

The Pound fell to a four-week low against the Euro as investors await the release of the latest policy meeting minutes from the Bank of England. Against the US Dollar, Sterling tumbled to its lowest level in more than six-weeks after data showed that UK inflation slowed more than economists had been predicting. The currency could find minor support today if the latest retail sales data shows that sales increased in April.

US Dollar

USD/EUR -Trading Lower, 0.7732

The ‘Greenback’ weakened against the Euro for a third consecutive day as investors rise their bets that Federal Reserve Chairman Ben Bernanke will tell congress that the pace of the Bank’s monetary stimulus programme should be maintained. Against the Pound the Dollar hit a seven week high after the UK’s weaker than expected inflation created a surge of Dollar buying.

The Euro

EUR/USD- Trading Higher, 1.2935

The Euro strengthened to a four-week high against the Pound and continued to climb against the US Dollar. Expectations that the Federal Reserve may maintain its current level of quantitative easing in spite of recent positive US data have caused the ‘Greenback’ to soften against the majority if its peers this week and the UK inflation data caused Sterling to fall.

Australian Dollar

AUD/USD- Trading Lower, 0.9782

The ‘Aussie’ is lower against the US Dollar due to the release of weaker than expected consumer sentiment data and a decline in commodity prices. The next movement for the currency depends on the outcome of Federal Reserve Chairman Ben Bernanke’s speech to congress.

New Zealand Dollar

NZD/USD- Trading Lower, 0.8150

The ‘Kiwi’ edged lower against the US Dollar due to investors holding off from making any decisions ahead of Federal Reserve chairman Ben Bernanke's Congressional testimony, where he's expected to give his view on whether the US central bank will start slowing its quantitative easing programme.

Canadian Dollar

CAD/USD- Trading Lower 0.9734
The ‘Loonie’ fell to a two-month low against the US Dollar due to speculation that the Federal Reserve will choose to reduce its quantitative easing measures. The currency fell against all of its most traded peers as crude oil declined for the first time in our days.

Japanese Yen
USD/JPY- Trading Higher 102.6516
The Yen has weakened for a second day against the Euro after Bank of Japan policy makers affirmed a plan to double the monetary base over the next two years. A negative trade deficit also weakened the currency further as exports were lower than expected.

South African Rand
USD/ZAR- Trading Higher 9.5508
The Rand remains at a four-year low after investor fears over a renewed bout of violence in South Africa’s mining sector were realised. Several people were injured in violence at a chrome mine in the north of the country.
As of Wednesday, 22nd May 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1708, GBP USD exchange rate was 1.5043, GBP AUD exchange rate was 1.5538, GBP NZD exchange rate was 1.8675, GBP CAD exchange rate was 1.5607, GBP JPY exchange rate was 155.1897, and GBP ZAR exchange rate was 14.3959.

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