The Pound soared to its highest level since January against the US Dollar and Euro, hit its strongest level in 2009 against the Canadian Dollar and is trading close to a three year high against the Australian Dollar. Demand for the Pound leapt following the release of GDP data which showed that the UK economy expanded by 0.8% in the third quarter of the year.
Currently the Pound is trading in the region of 1.1987 against the Euro and 1.6282 against the US Dollar.
The ‘Greenback’ fell against the Euro and slipped to an 11-month low against the Pound after durable goods orders data came in below expectations. The positive reports regarding jobless claims were widely ignored as investors focused on the UK GDP figures and signs of weakness in the US economy. Speculation is still rife as to when the Federal Reserve will choose to begin tapering its monetary easing programme and today’s mixed data did little to clarify which direction the Fed will choose.
Currently the US Dollar is trading in the region of 0.6141 against the Pound and 0.7362 against the Euro.
The Euro fell against the Pound after the European Central Bank said that the risk to the regions financial stability has increased over the past six months. Uncertainty as to when the US Federal Reserve will taper its easing programme was highlighted as a major risk to the global economy.
Currently the Euro is trading in the region of 0.8342 against the Pound and 1.3583 against the US Dollar.
The ‘Aussie’ continued its decline against most of its peers as traders take their most bearish stance on the currency in two months after the Reserve Bank of Australia once more warned that the currency is overvalued.
Currently the Australian Dollar is trading in the region of 0.5571 against the Pound, 0.6678 against the Euro and 0.9071 against the US Dollar.
The ‘Loonie’ fell to its lowest level since October against the Euro but tumbled to four-year low against the Pound as oil prices fell for a fourth consecutive day. Against its US relation the currency weakened to a five month low.
Currently the Canadian Dollar is trading in the region of 0.5793 against the Pound, 0.6944 against the Euro and 0.9433 against the US Dollar.