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Euro Exchange Rate Daily Round-up: 31/10/13

European Map

Pound Sterling

The Pound strengthened by its highest margin in six months against the Euro after data showed that Euro-area inflation slowed and the regions unemployment rate climbed to a new record high. The disappointing data boosted demand for safer alternatives to the Euro as investors speculated that the European Central Bank may have to cut interest rates in an effort to bolster the region’s economic recovery.

Currently the Pound is trading in the region of 1.1694 against the Euro and 1.6024 against the US Dollar.

US Dollar

The ‘Greenback’ climbed at its fastest pace in four-months against the Euro after speculation increased that the ECB will cut interest rates in a bid to help the regions flagging economic recovery. The US Dollar climbed after the latest Chicago manufacturing PMI data smashed forecasts and came in at its highest level in nine years. Jobless claimant data also showed improvement.

Currently the US Dollar is trading in the region of 0.6240 against the Pound and 0.7297 against the Euro.

The Euro

The Euro tumbled against the majority of its peers after investors speculated that the ECB may choose to cut interest rates in order to support the Eurozone economy in the wake of today’s disappointing jobs and inflation data. Unemployment in Italy hit a new record high and inflation in Germany came in below expectations. The weak data caused investors to seek alternative in safer currencies such as the Pound and US Dollar.

Currently the Euro is trading in the region of 0.8551 against the British Pound and 1.3703 against the US Dollar.

Australian Dollar

The ‘Aussie’ is trading stronger against the majority of its peers after the currency benefited from a surge in the number of new home sales. Official data showed that building approvals in Australia climbed by 14.4% in September, beating expectations for a 2.7% increase. Against the Euro the ‘Aussie’ strengthened by as much as 0.90% as data weighed heavily upon the single currency.

Currently the Australian Dollar is trading in the region of 0.5934 against the Pound, 0.6940 against the Euro and 0.9510 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation higher as the positive housing data out of the larger Oceanic nation helped to lift both currencies higher. The currency also benefitted after the nation’s Central Bank chose to maintain interest rates at 2.5%. The decision by the US Federal Reserve to maintain its monetary easing programme also benefitted the commodity based currency.

Currently the New Zealand Dollar is trading in the region of 0.8277 against the Pound, 0.6040 against the Euro and 0.8277 against the US Dollar.

Canadian Dollar

The ‘Loonie’ strengthened against the majority of its most traded peers after GDP data for the North American nation came in above expectations. According to Statistics Canada, GDP grew by 2% on an annual basis and 0.3% on a monthly basis. The annual rise showed that the nation’s economy expanded at a faster rate in August, accelerating from July’s figure of 1.5%. Economists had been expecting GDP to expand by 1.7% annually and just 0.1% monthly.

Currently the Canadian Dollar is trading in the region of 0.5965 against the Pound, 0.6976 against the Euro and 0.9560 against the US Dollar.