Pound Sterling GBP/EUR
The Pound climbed to 1.221 against the Euro on Friday and was set to end the week on higher against the majority of its most traded peers. Sterling climbed beyond a three-week high against the single currency as it found support from a government report which showed that construction output increased in December, adding to evidence that the UK economic recovery is picking up speed.
Currently the Pound is trading in the region of 1.2218 against the Euro and 1.6726 against the US Dollar.
US Dollar USD/EUR
The Greenback tumbled to a 33-month low against the Pound and slid to a 3-week low against the Euro after industrial production fell unexpectedly in January as adverse winter weather continues to affect the US economy. The currency found some support from a consumer sentiment report came in positively. The University of Michigan said its consumer sentiment index remained unchanged at 81.2 this month, beating expectations for a fall to 80.6.
Currently the US Dollar is trading in the region of 0.5978 against the Pound and 0.7306 against the Euro.
The Euro
The single currency initially recovered some ground against the Pound on Friday after data showed that the Eurozone economy expanded in the fourth quarter of last year. Against the US Dollar the Euro climbed to a 3-week high. The Luxembourg based Eurostat said that the Eurozone economy expanded by 0.3% in the last quarter of 2013, beating economist forecasts. As the session went on however the Euro lost ground as concerns over the political situation rose after Enrico Letta announced his resignation as Italian Prime Minister. Also weighing upon the currency was the news that Finland slid back into recession.
Currently the Euro is trading in the region of 0.8182 against the Pound and 1.3687 against the US Dollar.
Australian Dollar AUD/EUR
The ‘Aussie’ rallied after yesterday’s sharp decline due to data out of China coming in above expectations. Consumer prices in Australia’s biggest trading partner increased by 2.5% in January from the previous year which was good news for Australian exporters. Some of the gains were muted however after a Reserve Bank of Australia official said that the currency is likely to fall in the near future.
Currently the Australian Dollar is trading in the region of 0.5395 against the Pound, 0.6593 against the Euro and 0.9024 against the US Dollar.
Canadian Dollar CAD/EUR
The ‘Loonie’ declined against the Euro and went on the back foot against the Pound and US Dollar after disappointing manufacturing sales data reduced demand for the Canadian currency. Official data showed that manufacturing sales declined by 0.9% in December, well below expectations for a 0.3% rise.
Currently the Canadian Dollar is trading in the region of 0.5448 against the Pound, 0.6658 against the Euro and 0.9111 against the US Dollar.
