Latest 10 news items tagged Currency Exchange from our financial blog...
British Pound to US Dollar Exchange Rate May Soar Higher if Federal Reserve Turns Dovish
Published: 13 Sep at 5 PM 2019
While the Pound’s late-week gains on Brexit hopes were volatile and likely temporary, the British Pound to US Dollar (GBP/USD) exchange rate still sustained impressive gains last week overall. The US Dollar struggled to avoid losses against Sterling due to expectations for the Federal Reserve to cut US interest rates next week.
After opening last week at the level of 1.2281, GBP/USD saw a jump in demand on Monday and sustained those gains for the remainder of the week.
GBP/USD surged again on Friday. While the pair was unable to...
Pound New Zealand Dollar (GBP/NZD) Falls as BoE Warns of Likely Brexit Recession on No-Deal
Published: 1 Aug at 5 PM 2019
The Pound New Zealand Dollar (GBP/NZD) exchange rate eased today, leaving the pairing fluctuating around NZ$1.850.
Sterling fell against the New Zealand Dollar following the announcement of the Bank of England’s interest rate decision today, which held at 0.75%.
However, Mark Carney, the Governor of the BoE, was downbeat in his forecast, saying that the UK could face a likely recession on a no-deal Brexit – a prospect that now looks highly likely.
Mr Carney said:
‘After a no-deal Brexit, sterling would likely fall, risk...
Pound Canadian Dollar (GBP/CAD) Exchange Rate Plummets by -0.9% as No-Deal Brexit Fears Return
Published: 16 Jul at 5 PM 2019
The Pound Canadian Dollar (GBP/CAD) exchange rate dropped by -0.9%, leaving the pairing fluctuating around CA$1.618.
Sterling plummeted against many of its competitors today as no-deal Brexit fears soared following Tory leadership hopefuls Boris Johnson and Foreign Secretary Jeremy Hunt have hardened in their position on the Northern Irish backstop.
Both potential prime ministers commented that the backstop idea was effectively ‘dead’, and would not be included in negotiations with the European Union.
Neale Richmond, the...
Pound Mexican Peso (GBP/MXN) Exchange Rate Soars as Mexican Finance Minister Resigns
Published: 10 Jul at 5 PM 2019
The Pound Mexican Peso (GBP/MXN) rose by 0.8% today and is currently trading around Mex$ 24.0719 on the interbank market.
The Mexican Peso (MXN) plummeted following the resignation of the Mexican Finance Minister Carlos Urzua.
Mr Urzua resigned with little positive to say about Mexican economic policy.
‘I am convinced that all economic policy should be realized based on evidence. However, during my tenure these convictions were not echoed.’
Edward Glossop, a Latin America Economist at Capital Economics, said...
Pound Danish Krone (GBP/DKK) Exchange Rate Steadies despite Weak UK Construction Figures
Published: 2 Jul at 5 PM 2019
The Pound Danish Krone (GBP/DKK) exchange rate fell by -0.2% today and is fluctuating around 8.3450kr on the interbank market.
Sterling (GBP) fell against the Danish Krone (DKK) following the publication of the UK construction PMI figures for June, which fell deeper into contraction from 48.6 to 43.1.
Tim Moore, an Associate Director at IHS Markit, was downbeat, saying:
‘The latest survey reveals weakness across the board for the UK construction sector, with house building, commercial work and civil engineering activity all...
Pound Australian (GBP/AUD) Exchange Rate Steadies as Risk-Appetite Returns Ahead of G20 Summit
Published: 27 Jun at 2 PM 2019
The Pound Australian Dollar (GBP/AUD) held steady today as ‘Aussie’ traders have been buoyed with a risk-on attitude ahead of tomorrow’s G20 summit in Japan.
This came following comments from the US Treasury Secretary, Steven Mnuchin, who said yesterday:
‘We were about 90% of the way there [with a deal] and I think there’s a path to complete this.’
As China is Australia’s closest trading partner, optimism over a US-China trade deal has encouraged traders to invest in the risk-correlated ‘Aussie’.
Euro US Dollar Exchange Rate Rises despite German Business Expectations Nearing 5-Year Low
Published: 24 Jun at 4 PM 2019
The Euro US Dollar exchange rate edged higher today and is currently trading around $1.1392 on interbank market.
The Euro rose despite the publication of the German IFO business expectations figures for June, which eased below the forecast 94.5 decrease to 94.2 – a near five-year low.
This has left many single currency traders jittery as the Eurozone’s largest economy shows signs of slowing down.
Analysts at Capital Economics, commented:
‘There are two likely reasons for the deterioration in business expectations....
Australian Dollar to US Dollar Exchange Rate Rebounds from Post-January Worst
Published: 20 Jun at 1 PM 2019
The Australian Dollar outlook has become continuously more bearish in recent weeks, but the Australian Dollar to US Dollar (AUD/USD) exchange rate has seen a strong rebound in demand this week as investors digest the latest major Central Bank developments.
After opening this week at the level of 0.6873, AUD/USD briefly slumped and touched on its worst levels in months. 0.6834 was the worst AUD/USD level since the January 2019 flash crash, and not counting the flash crash it was one of the worst levels for the pair in years.
Euro to Australian Dollar Exchange Rate Hits Best since January on Solid Eurozone Data and RBA Rate Cut Bets
Published: 15 May at 1 PM 2019
The Euro to Australian Dollar (EUR/AUD) exchange rate’s rally has lasted for almost a full month now, and the pair is looking on track to sustain another strong set of gains this week unless tomorrow’s highly anticipated Australian job market report beats market expectations.
Following last week’s climb from 1.5975 to 1.6050, EUR/AUD has seen even stronger gains this week already due to another Australian Dollar selloff. At the time of writing on Wednesday, EUR/AUD was trending close to its weekly high of 1.6199, which was also...
British Pound to US Dollar Exchange Rate Losses Limited despite Impressive US Non-Farm Payroll Report
Published: 3 May at 3 PM 2019
Even though the Federal Reserve has taken a more hawkish than expected tone on the US economic outlook and some key US data has beaten expectations, the British Pound to US Dollar exchange rate’s losses on Friday were limited. Weakness in market risk-sentiment kept investors hesitant to buy the US Dollar too much.
After opening this week at the level of 1.2912, GBP/USD advanced on Brexit speculation and saw solid gains. In the middle of the week, GBP/USD even touched on a half-month-high of 1.3097 before sliding towards the end of...