Pound Sterling
The Pound pushed higher against the Euro on Thursday after it received a boost from the British Chambers of Commerce who said that it believes that the UK economy will expand at its fastest pace in seven years in 2014. The single currency took a knock when data showed that industrial production fell more than expected in October.
Currently the Pound is trading in the region of 1.1866 against the Euro and 1.6332 against the US Dollar.
US Dollar
The ‘Greenback’ firmed against the Pound and Euro after data showed that retail sales increased more than expected and that consumer confidence improved for a third consecutive week. The currency came under pressure however after a separate report showed that the number of Americans claiming jobless benefits rose to a two-month high in November.
Currently the US Dollar is trading in the region of 0.6122 against the Pound and 0.7267 against the Euro.
The Euro
The Euro softened against the Pound and US Dollar after data showed that industrial production in the Eurozone fell by 1.1% in October. The figure was worse than the economist forecasts for a rise of 0.3%. Doubts remain over the health of the Eurozone economy as unemployment remains at record highs and inflation weak.
Currently the Euro is trading in the region of 0.8424 against the Pound and 1.3759 against the US Dollar.
Australian Dollar
The ‘Aussie’ resumed its downward trajectory against the Pound and slipped for a second day against the US Dollar after unemployment data showed that the number of Australians out of work climbed to match the highest level recorded since 2009. The currency was brought under more pressure after Australian PM Tony Abbott urged the Reserve Bank of Australia to intervene in the forex markets to weaken the currency further.
Currently the Australian Dollar is trading in the region of 0.5467 against the Pound, 0.6490 against the Euro and 0.8930 against the US Dollar.
Canadian Dollar
The Canadian Dollar fell against its peers after a data report showed that the Canadian new housing price index fell in October. Positive data out of the US also weighed on the currency as speculation was unaffected that next week could see the Federal Reserve begin tapering its monetary easing programme.
Currently the Canadian Dollar is trading in the region of 0.5755 against the Pound, 0.6834 against the Euro and 0.9402 against the US Dollar.
