Pound Sterling GBP/EUR
The Pound edged away from the highs it achieved at the end of last weekend and over the weekend. Against the Euro the currency eased away from a one-year high as investors and traders embarked on a bout of profit taking as they too took advantage of the GBP/EUR rates push beyond the 1.22 range. Against the US Dollar the Pound eased off a four-year high.
Currently the Pound is trading in the region of 1.2194 against the Euro and 1.6713 against the US Dollar.
US Dollar USD/EUR
The ‘Greenback’ was holding close to a three-week low against the Euro in a quiet session. The US markets are closed for the President’s Day holiday so movement was light. The US currency remains under pressure from last week’s data release which showed that manufacturing fell unexpectedly in January.
Currently the US Dollar is trading in the region of 0.5983 against the Pound and 0.7298 against the Euro.
The Euro
The Euro firmed against most of its peers on Monday after it found support from the news out of Italy that Matteo Renzi has been appointed Prime Minister. Renzi’s appointment was seen as market positive due to him being young and having a reputation for getting things done. The single currency also remained supported from data released last week which showed that the Eurozone economy expanded more than expected in the final quarter of 2013.
Comments made by ECB governing council member Ewald Nowotny supported the Euro. He said that the banks bond buying programme is no longer relevant due to the improving economic situation.
Currently the Euro is trading in the region of 0.8196 against the Pound and 1.3700 against the US Dollar.
Australian Dollar AUD/EUR
The ‘Aussie’ rose to its highest-level in over a month against the US Dollar after data out of China increased demand for riskier assets. Data released last week and over the weekend showed that the world’s second largest economy is continuing to grow. As the session progressed the ‘Aussie’ softened against the Euro following the comments by ECB policy maker Ewald Nowotny.
Currently the Australian Dollar is trading in the region of 0.5400 against the Pound, 0.6585 against the Euro and 0.9024 against the US Dollar.
Canadian Dollar CAD/EUR
The Canadian Dollar firmed against the US Dollar and other peers on Monday after crude oil prices increased for the first time in three days. The rise came after data out of China positively and as signs of a US recovery improved the outlook for the world’s top two oil consuming nations and economy’s.
Currently the Canadian Dollar is trading in the region of 0.5453 against the Pound, 0.6652 against the Euro and 0.9114 against the US Dollar.
