Euro Exchange Rate News

Euro Exchange Rate Daily Round-up: 7/10/13

Pound Sterling

The Pound spent most of Monday’s session higher against the US Dollar as concerns over the ongoing political impasse in the US weighed on investor sentiment. Sterling received a boost from data compiled by the Confederation of British industry which showed that business optimism for the third quarter of the year surged.

Currently the Pound is trading in the region of 1.1827 against the Euro and 1.6065 against the US Dollar.

US Dollar

The ‘Greenback’ spent another day weaker against most of its peers as the budget impasse dragged on for a second week. Investors have grown increasingly nervous as the deadlock over the budget could be a sign that no deal will be made regarding raising the nation’s debt ceiling. Adding to the US Dollars woes was the intervention of China’s finance minister who said that if the USA defaults on its debts it will seriously harm the Chinese economy and the worlds. China is the largest holder of US debt.

Currently the US Dollar is trading in the region of 0.6224 against the Pound and 0.7362 against the Euro.

The Euro

The Euro spent most of the session down against the Pound but was higher against the US Dollar as the federal government shutdown carried into a second week. The Euro was knocked by the release of data which showed that business optimism in the Eurozone fell and as GDP was revised downward.

Currently the Euro is trading in the region of 0.8455 against the British Pound and 1.3582 against the US Dollar.

Australian Dollar

The ‘Aussie’ weakened against the majority of its peers as investors sought safer assets. The US government shutdown has weighed heavily upon demand for perceived riskier assets such as the ‘Aussie’. After US Commerce Secretary Penny Pritzker warned that the shutdown was beginning to harm business the demand for safe havens increased. The currency was little moved due to the Labour Day national holiday.

Currently the Australian Dollar is trading in the region of 0.5857 against the Pound, 0.6928 against the Euro and 0.9410 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has softened against the majority of its peers as demand for riskier assets waned as the US government shutdown drags on and as the debt ceiling deadline approaches. The New Zealand currency could find support tomorrow if a business confidence survey affirms the strength of the country’s economy.

Currently the New Zealand Dollar is trading in the region of 0.5161 against the Pound, 0.6104 against the Euro and 0.8291 against the US Dollar.

Canadian Dollar

The ‘Loonie’ fell for the first time in two days against the US Dollar as data showed that the number of building permits fell in August from a record high. The currency was also suffering the effects of the US government shutdown and the decline in the value of crude oil, Canada’s biggest export.

Currently the Canadian Dollar is trading in the region of 0.6032 against the Pound, 0.7134 against the Euro and 0.9691 against the US Dollar.

 

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