Pound to Euro, US Dollar exchange rate: UK economy posts worst trade deficit for 15 years

UK economy posts worst trade deficit for 15 years.UK economy posts worst trade deficit for 15 years.

Please find below today’s update which gives you an insight into the current market conditions, enabling you to keep informed and up to date on the latest currency movements.

Headlines

Confidence wanes over the Eurozone rescue plan

UK economy posts worst trade deficit for 15 years

Strength of ‘Aussie’ Dollar a threat to the Australian economy

Pound Sterling

The Pound has fallen against the US Dollar as speculation returns over whether the Bank of England will implement a further round of monetary easing in a bid to reverse the UK’s economic slide. The Pound had risen on the back of the fact that the BoE said it would not make further interest rate cuts but as many predicted the rise was very short-lived. Worries over the state of the British economy have dragged on the Pound and has forced the currency lower against the safe havens of the Japanese Yen and US Dollar. The Pound however, did make some gains against the Euro.

Currently the Pound is trading in the region of 1.269 against the Euro and 1.558 against the US Dollar.

US Dollar

The ‘Greenback’ has risen against the Euro and Pound after the worries over the Euro crisis and UK economy’s drag down on the respective currencies. As worries continue to rise over the state of the European economies the safe haven Dollar is sure to make gains, reversing the losses it posted last week.

Currently the Dollar is trading in the region of 0.813 against the Euro and 0.640 against the British Pound.

The Euro

The Euro has fallen against a basket of currencies after coming under pressure after the optimism from traders waned over the European Central banks so-called tough action to solve the Euro-crisis. The euro went down by 0.3 percent at 78.75 pence – its lowest level in nearly a week. The ECB’s pre-condition for action, which included troubled countries asking for help from the Euro zone’s rescue funds, undermined currency traders confidence in the Euro rally.

Currently the Euro is trading in the region of 0.787against the British Pound and 1.226 against the US Dollar.

Australian Dollar

The ‘Aussie’ has fallen overnight thanks to weaker than expected Chinese and US data. The Dollar was not helped by the Australian Central Bank who has warned that the strength of the currency could prove detrimental to the country’s economy. The comments come amid protests from some exporters and unions about the elevated Australian Dollar, which is hurting exports. Some have called for intervention by the RBA to lower the currency, while others have suggested cutting interest rates would also help. We could well see the currency make losses next week as the RBA takes action in an effort to lower the high value of the ‘Aussie’ in a bid to bolster exports.

Currently the Australian Dollar is trading in the region of 0.856 against the Euro, 1.051 against the Australian Dollar and 0.673 against the British Pound.

New Zealand Dollar

The ‘Kiwi’ has made further losses thanks to the Reserve Bank of Australia’s warning that the ‘Aussie’ is threatening the Australian economy. The worse than expected data of China and the poor employment figures out of New Zealand also proved detrimental to the ‘Kiwi’s’ fortunes.

Currently the New Zealand Dollar is trading in the region of 0.658 against the Euro, 0.809 against the US Dollar and 0.517 against the British Pound.

Canadian Dollar

The ‘Loonie’ is maintaining its premium against the US Dollar and is forcing traders to adapt to an exchange rate that has for years seen the US currency as the stronger of the two. Billions of Dollars are on the line as the world’s two biggest trade partners sort out who benefits and who gets pinched by the big change in the market. The ‘Loonie’ has made a fifth week of gains against its southern relation and is set to make even more thanks to the value of oil and other raw materials.

Currently the Canadian Dollar is trading in the region of 1.006 against the US Dollar, 0.819 against the Euros and 0.644 against the British Pound.

Data Released Today

01:30 AUD Reserve Bank statement

06:00 EUR A number of economic reports for various nations

12:30 CAD Unemployment Rate for July

Related posts:

  1. Pound to Euro, US Dollar exchange rate: Sterling posts gains against the Euro
  2. Pound to Euro, US Dollar exchange rate: Report suggests the UK economy will return to growth in the second quarter
  3. Pound to Euro, US Dollar exchange rate: Retail sales increased by the most in one and a half years
  4. Pound to Euro, US Dollar exchange rate: Pound to Euro exchange rate grows again
  5. Pound to Euro, US Dollar exchange rate: The Pound to Euro exchange rate reached the highest level since October 2008

Article source: http://feedproxy.google.com/~r/ForeignExchangeOutlook/~3/eR7_HAvONOE/

Leave a Reply

WP2Social Auto Publish Powered By : XYZScripts.com
Bunk Beds