US Dollar (USD) Fluctuates Before GDP Data, Pound Softer

Published: 29 May at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Japan, South Africa,

Pound Sterling
GBP/USD – Trading in the Region of 1.6724
After striking a six-week low against the US Dollar yesterday the Pound was little changed against its major currency counterparts. A lack of UK news could restrain further Sterling movement before the weekend.

US Dollar
USD/GBP – Trading in the Region of 0.5977
Over the last few days the ‘Greenback’ has edged higher in response to upbeat US durable goods orders and service sector data. In the hours ahead the revised US growth data for the first quarter could see the safe-haven asset reverse gains. Economists expect the 0.1 per cent growth to be revised to contraction of 0.5 per cent.

Euro
EUR/USD – Trading in the Region of 1.3618
A lack of economic data for the Eurozone left the Euro trading in a narrow range against the majority of its currency counterparts. The EUR/GBP pairing was slightly stronger but the EUR/USD exchange rate was weaker before US GDP figures.

Australian Dollar
AUD/USD – Trading in the Region of 0.9301
After rallying in response to a surprisingly positive Australian construction report on Wednesday, the ‘Aussie’ extended gains as separate data showed stronger-than-forecast investment in domestic manufacturing.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.8506
On Thursday the ‘Kiwi’ was still feeling the effects of lacklustre business confidence and activity outlook reports for New Zealand. The New Zealand Dollar is one of the only major currencies which hasn’t advanced on the Pound over the last few days.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9204
Fluctuating commodity prices and Ukraine inspired risk-aversion left the ‘Loonie’ slightly softer at the close of North American trading. However, the Canadian Dollar remains stronger against the Pound and could extend gains before the weekend as a result of Canada’s growth data.

Japanese Yen
USD/JPY – Trading in the Region of 101.5000
With US Treasury yields declining and investors turning to safe-haven assets amid violence in Ukraine, the Yen broadly strengthened. The Japanese currency continued trading higher in spite of a steep decline in Japan’s retail sales.

South African Rand
USD/ZAR – Trading in the Region of 10.4210
The Rand’s moderately bullish relationship with the Pound continued on Thursday and the emerging-market currency fluctuated against the US Dollar as South Africa’s producer price index showed faster-than-forecast acceleration.
As of Thursday, 29th May 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2294, GBP USD exchange rate was 1.6722, GBP AUD exchange rate was 1.7968, GBP NZD exchange rate was 1.968, GBP CAD exchange rate was 1.8124, GBP JPY exchange rate was 170.1192, and GBP ZAR exchange rate was 17.4223.

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