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Bank Exchange Rates Daily Currency update

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

Bank Exchange Rates Daily Currency update

Pound Sterling

The Pound traded near a three-month high against the US Dollar yesterday after the US Federal Reserve indicated that it could implement a further round of monetary easing ‘fairly soon’. The Fed stance added to the speculation that the European Central Bank will take action to tackle the Euro debt crisis, raising investor demand for riskier currencies. A French PMI survey showing manufacturing and services activity was not as bad as forecast briefly boosted Sterling and the Euro against the Dollar, although the sectors were still in contraction and the Euro Zone as a whole looked destined for recession. Currently Sterling is holding firm ahead of the release of revised GDP data.

The Pound is currently trading in the region of 1.263 against the Euro and 1.584 against the US Dollar.

US Dollar

The US Dollar has cancelled out the gains made by the Euro after doubts creep in over the state of the Eurozone economies and confidence wanes over the state of the global economy. The ‘Greenback’ has begun to make gains against a basket of currencies as investors once more look to the safe-haven Dollar. The rises come despite the currency taking a hammering in the markets yesterday as a result of the Federal Reserve hinting that further stimulus will be implemented.

The Dollar is currently trading in the region of 0.630 against the Pound and 0.796 against the Euro.

The Euro

The Euro has retreated against the Pound and Dollar as pessimism sets in over the state of the Eurozone. Greece is once more pulling on the currency with investors believing that the embattled nation could soon be leaving the single currency. Tough talk by the French and Germans has caused traders to believe that any extra breathing room for the Greeks has been dismissed raising risk concerns and demand for safer haven currencies.

The Euro is currently trading in the region of 0.791 against the Pound and 1.254 against the US Dollar.

Australian Dollar

The Aussie is trading at a one-month low against the New Zealand Dollar after the governor of the Reserve Bank of Australia said that the nation’s currency would fall if the mining boom collapses. The ‘Aussie’ remained lower against the U.S. Dollar following a drop yesterday as Asian stocks extended a worldwide decline, sapping demand for higher-yielding assets. The currency also suffered over the pessimism emanating from the Eurozone. The ‘Aussie’ hit a five-week low against the Euro.

The Australian Dollar is currently trading in the region of 0.830 against the Euro, 0.658 against the Pound and 1.043 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ is currently trading close to a two-month high against the Australian Dollar after the RBA Governors comments over the nation's mining boom. The New Zealand Dollar headed for a 0.6% weekly gain after minutes from this month's meeting of Federal Reserve policymakers stoked expectations for more asset purchases, even as global growth prospects took a dent with slower Chinese manufacturing. The ‘Kiwi’ dropped against the Pound as demand for riskier commodity based currencies dipped slightly.

Currently, the New Zealand Dollar is trading in the region of 0.512 against the Pound, 0.812 against the US Dollar and 0.647 against the Euro.

Canadian Dollar

The ‘Loonie’ has declined against the US Dollar due to the mixed messages over whether the US Federal Reserve raising will implement a new round of quantitative easing. Risk aversion is also affecting the commodity based currency as fears over the state of the global economy have raised doubts over whether Canada can continue its current level of exports.

Currently, the Canadian Dollar is trading in the region of 0.801 against the Euro, 0.634 against the Pound and 1.006 against the US Dollar.

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