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1 GBP = 1.18065 EUR

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1 EUR = 0.84684 GBP

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GBP close to a 7 week high against USD

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Pound Sterling

The Pound is little changed against the US Dollar and Euro but is set to make weekly gains against both currencies as economists await the release of data that is expected to show that construction fell in June and the trade deficit shrank. Construction output is expected to show a fall of 1.9% whilst the trade deficit is expected to narrow to £8.4 billion. Traders have priced in for the UK recovery which is providing support to Sterling.

The currency is close to a seven-week high against the US Dollar due to Wednesday’s Bank of England commitment to bringing down inflation.

US Dollar

The ‘Greenback’ is holding close to a seven-week low against a number of its most traded peers after receiving a five day long ‘kicking’ due to signs of economic improvement in Europe and China. Demand for riskier assets improved at the expense of the safe haven Dollar. The currency’s fall is also being blamed on the ongoing uncertainty as to when the Federal Reserve will begin to reduce its monetary stimulus programme.

The Euro

The Euro is little moved against its peers remaining close to a seven-week high against the US Dollar. The single currency is set to make a 0.8% weekly gain. There is little in the way of data releases for the currency today so traders are taking a holding pattern ahead of next week’s GDP preliminary data release. Economists are forecasting that GDP will fall from -0.3% to -0.38%.

Australian Dollar

The ‘Aussie’ is set to make its biggest weekly gain since 2011 after industrial output data combined with yesterday’s positive Chinese trade figures. The currency has strengthened for a fifth-day as the Australian Reserve Bank dampened expectations for further easing after it cut interest rates to a record low earlier in the week.

New Zealand Dollar

The ‘Kiwi’ is heading for a 2.1% gain against the US Dollar as investor concerns over the Fonterra food scare waned and as Chinese data invigorated optimism that the Chinese economy is staying strong. The data increased demand for the ‘Aussie’ a move that often sees the ‘Kiwi’ going along for the ride.

Canadian Dollar

The ‘Loonie’ strengthened by its highest level in a month after improved trade data out of China and Germany added to signs that the global economy is making a recovery fuelling speculation that Canada’s commodities will increase.

South African Rand

The Rand has gained against the Dollar and the Pound after the currency was buoyed by the upbeat data of China which showed that the world’s second largest economy is importing more than expected, a good sign for the commodity based Rand.

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