Pound Hits Four Month Low Against Euro, US Dollar At Six Week Low

Published: 31 Jul 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, Greece, Ireland, Italy, Japan, South Africa, Portugal,

Pound Sterling
GBP/EUR – Trading in the Region of 1.1466
Although a gauge of UK consumer confidence rose by more than expected, Sterling was trading within the region of a four-month low against the Euro and was softer against the US Dollar. The British currency was adversely affected by a larger than forecast decrease in the BRC shop price index.

US Dollar
USD/EUR – Trading in the Region of 0.7539
The imminent announcement of the Federal Reserve’s policy meeting will keep the US Dollar under pressure in the hours ahead. Although the safe-haven currency climbed against its broadly weakening Australian counterpart during Australasian trading it brushed a six-week low against the Euro.

Euro (Currency of Germany, France, Spain, Italy, Portugal, Greece, Ireland etc)
EUR/USD – Trading in the Region of 1.3264
After climbing to a four-month high against the Pound the Euro was relatively unaffected by the news that German retail sales unexpectedly declined. The common currency was supported against its rivals by a surprising fall in German unemployment but could fluctuate following the publication of Eurozone employment and CPI data.

Australian Dollar
AUD/USD – Trading in the Region of 0.9018
The rising odds of the Reserve Bank of Australia issuing an additional rate cut saw the Australian Dollar tumble to a three-year low against its US counterpart during local trade. While a report showed a larger-than-forecast increase in Australian private sector credit, the South Pacific currency was softer against several of its peers as the European session began.

New Zealand Dollar
NZD/USD – Trading in the Region of 0.7973
Expectations that tomorrow’s manufacturing report for China will show contraction caused the New Zealand Dollar to dip against the ‘Greenback’ for a third day. Declines were limited however as New Zealand’s business confidence index rose from 50.1 in June to 52.8 in July.

Canadian Dollar
CAD/USD – Trading in the Region of 0.9692
With Canada’s GDP figures scheduled for publication this afternoon the ‘Loonie’ eased away from yesterday’s month-high against the US Dollar. Developments in the US will also be a big cause of Canadian Dollar movement.

Japanese Yen
USD/JPY – Trading in the Region of 97.8400
The Yen was largely able to retain gains against the US Dollar ahead of the Federal Open Market Committee policy announcement, despite Japan’s manufacturing PMI falling from 52.3 to 50.7.

South African Rand
ZAR/USD – Trading in the Region of 9.8520
South Africa’s Rand began trade slightly softer as ahead of the release of domestic trade balance data. News from the US and Eurozone will also be of interest to the commodity-driven currency.
As of Wednesday, 31st July 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.142, GBP USD exchange rate was 1.5181, GBP AUD exchange rate was 1.6992, GBP NZD exchange rate was 1.9123, GBP CAD exchange rate was 1.5621, GBP CNY exchange rate was 9.304, GBP JPY exchange rate was 148.5435, and GBP ZAR exchange rate was 14.9675.

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