Euro Exchange Rate News

Euro Exchange Rate Daily Round-up: 24/10/13

Pound Sterling

The Pound fell from its three-week high against the US Dollar and weakened further against the Euro after data showing the number of new orders placed at UK factories came in lower than economists forecasts. Industrial orders were forecast to climb to 10; instead they tumbled to -4. The cause for the decline was being blamed on the faltering Eurozone economy and the high strength of the Pound over recent weeks.

Currently the Pound is trading in the region of 1.1744 against the Euro and 1.6191 against the US Dollar.

US Dollar

The ‘Greenback’ spent the session languishing at a two-year low against the Euro as Manufacturing in the world’s largest economy grew at its slowest pace in a year and Factory output contracted for the first time since 2009, increasing investor concerns over a slowdown in the global economy. Expectations that the Federal Reserve will postpone making any cuts to its $85 billion per month monetary easing policy until 2014 has weighed heavily upon the Dollar at the expense of other currencies.

Currently the US Dollar is trading in the region of 0.6176 against the Pound and 0.7253 against the Euro.

The Euro

The Euro strengthened against the Pound and the majority of its peers as data out of the UK and US disappointed the markets. The Eurozone too posted worse than forecasted data but it wasn’t enough to weaken demand for the currency in a week where concerns over the global economy and the Federal Reserve’s monetary easing programme dominate.

Currently the Euro is trading in the region of 0.8515 against the British Pound and 1.3787 against the US Dollar.

Australian Dollar

The ‘Aussie’ found support against its peers due to the release of a positive report on Chinese manufacturing and an optimistic speech by a senior Reserve Bank of Australia official. China, Australia’s biggest trading partner saw its manufacturing PMI reach a seven-month high in October. Any positive news out of the Asian nation benefits the strength of the ‘Aussie’. As the session progressed the currency tumbled against the Euro and most of its other peers as demand for riskier assets fell in the wake of weaker-than-forecast data out of the USA.

Currently the Australian Dollar is trading in the region of 0.5945 against the Pound, 0.6901 against the Euro and 0.9625 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ went into freefall against the Pound and Euro as investors sought shelter in the safer currencies as demand for commodity based currencies fell over concerns over the state of the global economy and in particular the United States.

Currently the New Zealand Dollar is trading in the region of 0.5172 against the Pound, 0.6074 against the Euro and 0.8374 against the US Dollar.

Canadian Dollar

The ‘Loonie’ languished close to a two-year low against its US counterpart prior to the release of US initial jobless claims data, the GBP/CAD pairing fluctuated as UK manufacturer’s expectations for output growth declined in October.

Currently the Canadian Dollar is trading in the region of 0.5941 against the Pound, 0.6977 against the Euro and 0.9619 against the US Dollar.

Exit mobile version