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Pound trading at a six-week high against Euro

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Send Money Home Daily Currency update

Pound Sterling

The Pound rose against the Euro and came close to trading at a six-week high against the Japanese Yen thanks to last week’s release of stronger-than-expected economic data. The firm data has caused economists to think that the country’s economy is not as weak as previously thought. Above-forecast jobs and retail sales data as well as an unexpected rise in inflation has also made markets believe that the Bank of England is not considering further quantitative easing measures. Against the US Dollar the Pound weakened following the release of a better-than-expected US consumer sentiment survey.
Currently the Pound is trading in the region of 1.271 against the Euro and 1.570 against the US Dollar.

US Dollar

The US Dollar hit a five-week high against the Japanese Yen thanks to a surge in US bond yields, and the positive reports over the USA’s economic data. The 10-year U.S. Treasury yield rose to 1.86% last week, bringing its yield advantage over Japanese bonds to nearly the 1% point for the first time in three-months. The Greenback is maintaining its level against the Euro with the flow of optimism over the Eurozone, impacting the currency pair.
Currently the Dollar is trading in the region of 0.637 against the Pound and 0.8107 against the Euro.

The Euro

The Euro has posted gains against a basket of currencies and is remaining in the high range ahead of this week’s meeting of European leaders. The single-currency maintained a five-day gain against the Yen after a German newspaper reported that the European Central Bank could decide to impose limits on each member nation’s debt. The Euro is also trading up against the US Dollar as risk sentiment remains relatively high and demand for the safe-haven Dollar weakens.
Currently the Euro is trading in the region of 0.786 against the Pound and 1.235 against the US Dollar.
Australian Dollar

The ‘Aussie’ has gained against all of its major counterparts ahead of this week’s Euro debt crisis meeting between EU leaders. The Australian Dollar strengthened against the Japanese Yen and US Dollar thanks to increasing speculation that the European Central Bank is set to impose yield caps in the single-currency zone. Such a move raised risk sentiment, benefitting the ‘Aussie’ and other commodity based currencies.

Currently the Australian Dollar is trading in the region of 0.665 against the British Pound, 0.846 against the Euro and 1.044 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ rose after expectations that the US Federal Reserve will implement further monetary easing waned on the back of strong economic data out of the USA. Demand for riskier currencies increased as optimism remains relatively high in the markets. New Zealand’s service sector posted growth last month indicating that the country’s economy is on the right track.

Currently the New Zealand Dollar is trading in the region of 0.515 against the British Pound, 0.655 against the Euro and 0.808 against the US Dollar.

Canadian Dollar
At the end of last week the ‘Loonie’ posted its first decline against its US counterpart for the first time in four days as inflation in the Canadian economy fell unexpectedly in July. The fall was short-lived as bets that the economic recovery in the U.S., the nation’s largest trade partner, built momentum. The improved risk sentiment is expected to see the Canadian Dollar continue to trade above parity against its US relation and maintain its current high level.
Currently the ‘Loonie’ is trading in the region of 1.011 against the US Dollar, 0.819 against the Euro and 0.644 against the British Pound

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