£ GBP – Pound Sterling
The Pound strengthened to an eight-month against the US Dollar after last week’s release of positive jobs and housing data added to signs that the UK economy is continuing to strengthen. Sterling also made gains against all but two of its most traded peers as the improving economic picture caused investors to increase their bets that the Bank of England will raise interest rates earlier than expected. Against the Euro, Sterling softened after European Central Bank President Mario Draghi hinted that there would be no interest rate hikes for the foreseeable future due to the Eurozone’s tentative economic recovery.
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5945
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1927
€ Euro – Euro
The Euro has begun the week at a two-week high against the US Dollar after it emerged that Former Treasury Secretary Lawrence Summers, a major contender for the position of Chairman of the Federal Reserve and supporter of tapering quantitative easing, withdrew from the running for the post. Against the Pound the single currency was little moved having made slight gains throughout the course of the session.
The Euro/US Dollar is currently in the region of: 1.3368
The Euro/Pound Sterling is currently in the region of: 0.8384
$USD – US Dollar
The US Dollar tanked against the Pound and a number of other currencies early in Monday’s session. Sterling rose to an eight-month high against the ‘Greenback’. The cause for the tumble was the announcement that policymaker Larry Summers withdrew from the running in the contest to replace Ben Bernanke as the Chairman of the Federal Reserve. Investors are now turning their attention to Wednesday’s Fed policy meeting announcement. It is unclear as to whether the Bank will choose to taper its monetary easing policy.
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6271
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7480
$AUD – Australian Dollar
The ‘Aussie’ has risen to a three-month high after demand for riskier assets was boosted after the US and Russia agreed on a deal to eliminate Syria’s stockpile of chemical weapons without the need for military action. Against the Japanese Yen the ‘Aussie’ strengthened further due to the Japanese markets being closed for a national holiday.
The Australian Dollar/ US Dollar Exchange Rate is currently in the region of: 0.9364
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7004
The Australian Dollar/Pound Sterling is currently in the region of: 0.5872
$NZD – New Zealand Dollar
The ‘Kiwi’ jumped to a four-month high against the US Dollar due to Larry Summers withdrawing from the race to become the next Federal Reserve chairman. Summers were seen as the candidate most likely to have removed the Fed’s stimulus faster than the other two, a move that would have weighed heavily upon emerging and commodity based assets such as the New Zealand Dollar.
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.5148
The New Zealand Dollar/ Euro Exchange Rate is currently in the region of: 0.6141
The New Zealand Dollar/ Pound Sterling Exchange Rate is currently in the region of: 0.5148
$CAD – Canadian Dollar
The ‘Loonie’ spent much of Monday’s session higher against its peers after it was boosted by developments in the United States. Speculation that the Federal Reserve won’t choose to taper its monetary easing policy on Wednesday also supported the commodity based currency.
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9722
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7272
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6097
