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Euro Exchange Rate Daily Round-up: 23/10/13

Euro Exchange Rates

Pound Sterling

The Pound fell to a seven-week low against the Euro and slid lower against the US Dollar after the Bank of England said that its policy makers took a united stand in rejecting increasing interest rates. The outcome of the BOE’s policy meeting dampened demand for the Pound and the Bank’s decision to maintain its quantitative easing target of £375 billion did little to excite the markets.

Currently the Pound is trading in the region of 1.173 against the Euro and 1.6146 against the US Dollar.

US Dollar

The ‘Greenback’ strengthened as concerns grew that the global economy could slowdown after data out of China showed that borrowing costs for Chinese banks leapt by the biggest margin since July, spurring demand for safer assets. As the session progressed it retreated against the Euro after Spain emerged from recession and as ECB President Mario Draghi reaffirmed the bank’s commitment to supporting the single currency.

Currently the US Dollar is trading in the region of 0.6193 against the Pound and 0.7270 against the Euro.

The Euro

The Euro spent much of Wednesday’s session trading close to a 23-month high against the US Dollar and spent much of the day stronger against the Pound. The cause was for the single currency’s strong performance was the unveiling of the ECB’s new banking strategy which is designed to limit the chances of a repeat of the Euro crisis and as Spain looks set to have emerged from its two-year long recession.

Currently the Euro is trading in the region of 0.8519 against the British Pound and 1.3755 against the US Dollar.

Australian Dollar

The ‘Aussie’ fell from a four-month high after data out of China weighed upon the currency. Stocks in the world’s second largest economy declined, dampening investor confidence in the Chinese economy. The currency did manage to find some support from the release of data which showed that inflation quickened faster than expected adding to expectations that the Reserve Bank of Australia will refrain from making cuts to borrowing costs.

Currently the Australian Dollar is trading in the region of 0.5953 against the Pound, 0.6988 against the Euro and 0.9612 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ fell against the majority of its peers after the release of the weaker-than-expected jobs data out of the USA and the inflation report out of Australia. Yesterday the New Zealand currency managed to hit a five-month high against the US Dollar but the ‘Aussie’ data sent it tumbling.

Currently the New Zealand Dollar is trading in the region of 0.5187 against the Pound, 0.6089 against the Euro and 0.8375 against the US Dollar.

Canadian Dollar

The ‘Loonie’ slipped to its lowest level in a week against its US relation as the afternoon progressed due to the Bank of Canada delivering its Interest rate decision for October. The Central Bank chose to maintain interest rates at 1% but reduced its forecast for economic growth over the rest of the year. It reduced its prediction from a 1.8% rise to 1.6%. For 2014 it predicts that the Canadian economy will grow by 2.3% and in 2015 by 2.6%. The Euro meanwhile climbed to a six month high.

Currently the Canadian Dollar is trading in the region of 0.5997 against the Pound, 0.7040 against the Euro and 0.9683 against the US Dollar.