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Euro exchange rates hits 10 week high

Published on 9 February 2017 in News - Pages by Raffick Marday

Euro hits 10 week high

Foreign Exchange Rates Daily Currency update Pound Sterling

The Pound has slumped to a 10-week low against the Euro as confidence in the Euro-zone soared due to the double whammy of strong policies unveiled by the European Central Bank and last night’s announcement from the US Federal Reserve that it will implement a new round of monetary easing.

The Euro rose 0.15%, its strongest rise since July. Against the US Dollar, the Pound has pushed higher hitting a new four-month high and edged further above the important 1.60 mark.

Currently, the Pound is trading in the region of 1.241 against the Euro and 1.619 against the US Dollar.

US Dollar

The ‘Greenback’ has slumped to a four-month low against the Euro as the currency came under broad selling pressure after the Federal Reserve announced that it will be implementing a new round of aggressive monetary stimulus. The move comes as the Fed takes action in a bid to get the flagging US economy moving back in the right direction. High-risk sentiment has also weighed down on the currency.

Currently, the US Dollar is trading in the region of 0.617 against the Pound and 0.767 against the Euro.

The Euro

The Euro continues to soar higher against its major peers hitting a ten-week high against the Pound and four-week high against the US Dollar. The single currency is also set for its longest series of gains against the Japanese Yen in over three years as demand for riskier currencies soared. Last night’s announcement from the US Federal Reserve that it will be introducing more quantitative easing gave the currency an extended boost.
Currently, the Euro is trading in the region of 0.804 against the British Pound and 1.304 against the US Dollar.

Australian Dollar

The ‘Aussie’ has shot up to a four-week high against the US Dollar and made gains against a number of its peers. The upward movement is due to the Federal Reserve’s decision to introduce a new round of monetary easing.

The upward trend could be short-lived however as the Australian Central Bank is set to make policy decisions next week that are intended to lower the value of the ‘Aussie’ in an attempt to boost exports. The Bank has warned that the currency’s high value is proving a headache when it comes to monetary policy makers.

Currently, the Australian Dollar is trading in the region of 0.653 against the Pound, 0.812 against the Euro and 1.058 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has climbed to a six-month high against its American relation and has risen against a basket of currencies as risk appetite surged after the Federal Reserve announcement. The rise was aided by the New Zealand Reserve Bank deciding to keep the nation's official cash rate at 2.5%.

Currently, the New Zealand Dollar is trading in the region of 0.515 against the Pound, 0.640 against the Euro and 0.834 against the US Dollar.

Canadian Dollar

The ‘Loonie’ has strengthened to a 13-month high against its US cousin due to the Federal Reserve’s announcement. The Canadian Dollar has made gains against 13 of its 16 most-traded counterparts as the Federal Reserve announced a new round of monetary easing. Commodity-linked currencies have soared as investors raise their demand for riskier assets. The value of the nation’s biggest export of crude oil rose to its highest level since May.

Currently, the Canadian Dollar is trading in the region of 0.639 against the Pound, 0.795 against the Euro and 1.035 against the US Dollar.

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