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Euro Exchange Rate Daily Round up: 28/11/13


Pound Sterling

The Pound pushed higher yet again on Thursday after Bank of England governor Mark Carney said that the Central Bank will end providing incentives for mortgage lending. He said that the Bank’s funding for the lending scheme will only apply to businesses and no longer be available for home loans. The comments eased investor concerns that the UK was heading for a housing price bubble which would negatively impact the nation’s economy.

Currently the Pound is trading in the region of 1.2012 against the Euro and 1.6332 against the US Dollar.

US Dollar

The ‘Greenback’ slumped to a 27-month low against the Pound in light trading. The US markets are closed today and tomorrow due to the Thanksgiving National holiday. The currency also weakened against the Euro due to inflation data out of Germany which largely met economist forecasts.

Currently the US Dollar is trading in the region of 0.6122 against the Pound and 0.7354 against the Euro.

The Euro

The Euro managed to recover some of its losses against the Euro thanks to positive inflation data out of Germany and as Eurozone business and consumer confidence data matched economist forecasts. The single currency remained lower against the Pound and was unable to make further gains after it was restrained by worse than expected unemployment figures out of Germany. Retail sales in Ireland also failed to match expectations.

Currently the Euro is trading in the region of 0.8324 against the Pound and 1.3597 against the US Dollar.

Australian Dollar

The ‘Aussie’ recovered some ground against the Pound and US Dollar due to the release of positive private capital expenditure data in the morning. The report showed that private capital expenditure in the Oceanic country climbed by 3.6% in the third quarter and smashed forecasts for a 1.2% decline. The currency resumed its downward trajectory against its peers as traders increased their bets that the currency will make its biggest decline in five-years as the RBA continues to talk it down.

Currently the Australian Dollar is trading in the region of 0.5595 against the Pound, 0.6720 against the Euro and 0.9138 against the US Dollar.

Canadian Dollar

The ‘Loonie’ fell against the majority of its peers after data showed that the nation’s current account deficit narrowed less-than-expected in the third quarter of the year, suggesting that exports remain subdued. The weakness in oil prices also weighed upon the currency.

Currently the Canadian Dollar is trading in the region of 0.5788 against the Pound, 0.6952 against the Euro and 0.9453 against the US Dollar.