Pound Sterling (currency:GBP) suffered during Monday’s trading; however a lack of data from central banking institutions prevented any heavy falls in value, a US bank holiday meant a relatively quiet day in the currency markets. Rather, Sterling price movement has been determined mainly by profit taking as the Pound has approached record levels versus most of its currency pairs in recent days.
Yesterday's exchange rates saw the Pound Australian Dollar exchange rate close at 1.85068 GBP/AUD, Pound Canadian Dollar exchange rate close at 1.83968 GBP/CAD, Pound Swiss Franc exchange rate close at 1.49440 GBP/CHF, Pound Euro exchange rate close at 1.22326 GBP/EUR, Pound New Zealand Dollar exchange rate close at 2.00101 GBP/NZD, Pound Turkish Lira exchange rate close at 3.65614 GBP/TRY, Pound US Dollar exchange rate close at 1.67635 GBP/USD, and the Pound South African Rand exchange rate close at 18.20746 GBP/ZAR.
Despite the US bank holiday certain events conspired to influence global economic outlook during the days’ trading. The Chinese central bank, the People’s Bank of China has shown that lending increased strongly in recent months. Aggregate credit has reached 2.58 trillion Yuan in the People’s Republic signalling increasing confidence in the economy and its future prospects. Analysts have pointed to the gently improving picture in the US as being a key factor, with knock on effects being felt in China and also a number of China dependent countries. China is the largest export market for Australia and New Zealand and hence the Aussie Dollar (currency:AUD) and New Zealand Dollar (currecny:NZD) have benefitted in recent weeks as positive data from China improves their outlook.
Whilst Sterling has suffered today, it is in part due to profit taking on Long Sterling trades (traders who expect the price of Sterling to increase). Long Sterling traders are providing support level since if the Pound drops below a certain value those traders consider it attractively priced and whose resultant purchases of the currency then result in the price increasing again. Additionally support is being seen as a result of the Verizon/Vodafone merger and acquisition talk which could see huge inflows in the GBP in the near future.
The Pound Sterling to Australian Dollar exchange rate is trading down -0.12% at 1.84842 GBP/AUD.
The Pound Sterling to Canadian Dollar exchange rate is trading down -0.49% at 1.83058 GBP/CAD.
The Pound Sterling to Swiss Franc exchange rate is trading down -0.31% at 1.48981 GBP/CHF.
The Pound Sterling to Euro exchange rate is trading down -0.35% at 1.21896 GBP/EUR.
The Pound Sterling to Mexican Peso exchange rate is trading down -0.63% at 22.03186 GBP/MXN.
The Pound Sterling to Norwegian Krone exchange rate is trading down -0.27% at 10.15397 GBP/NOK.
The Pound Sterling to New Zealand Dollar exchange rate is trading down -0.22% at 1.99661 GBP/NZD.
The Pound Sterling to Turkish Lira exchange rate is trading down -0.6% at 3.63420 GBP/TRY.
The Pound Sterling to US Dollar exchange rate is trading down -0.35% at 1.67055 GBP/USD.
The Pound Sterling to South African Rand exchange rate is trading down -0.7% at 18.07970 GBP/ZAR.
Yesterday's exchange rates saw the Pound Australian Dollar exchange rate close at 1.85068 GBP/AUD, Pound Canadian Dollar exchange rate close at 1.83968 GBP/CAD, Pound Swiss Franc exchange rate close at 1.49440 GBP/CHF, Pound Euro exchange rate close at 1.22326 GBP/EUR, Pound New Zealand Dollar exchange rate close at 2.00101 GBP/NZD, Pound Turkish Lira exchange rate close at 3.65614 GBP/TRY, Pound US Dollar exchange rate close at 1.67635 GBP/USD, and the Pound South African Rand exchange rate close at 18.20746 GBP/ZAR.
Despite the US bank holiday certain events conspired to influence global economic outlook during the days’ trading. The Chinese central bank, the People’s Bank of China has shown that lending increased strongly in recent months. Aggregate credit has reached 2.58 trillion Yuan in the People’s Republic signalling increasing confidence in the economy and its future prospects. Analysts have pointed to the gently improving picture in the US as being a key factor, with knock on effects being felt in China and also a number of China dependent countries. China is the largest export market for Australia and New Zealand and hence the Aussie Dollar (currency:AUD) and New Zealand Dollar (currecny:NZD) have benefitted in recent weeks as positive data from China improves their outlook.
Whilst Sterling has suffered today, it is in part due to profit taking on Long Sterling trades (traders who expect the price of Sterling to increase). Long Sterling traders are providing support level since if the Pound drops below a certain value those traders consider it attractively priced and whose resultant purchases of the currency then result in the price increasing again. Additionally support is being seen as a result of the Verizon/Vodafone merger and acquisition talk which could see huge inflows in the GBP in the near future.
Top 10 Pound Sterling Exchange Rates (As of: 17:30 GMT 17/02/2014)
The Pound Sterling to Australian Dollar exchange rate is trading down -0.12% at 1.84842 GBP/AUD.
The Pound Sterling to Canadian Dollar exchange rate is trading down -0.49% at 1.83058 GBP/CAD.
The Pound Sterling to Swiss Franc exchange rate is trading down -0.31% at 1.48981 GBP/CHF.
The Pound Sterling to Euro exchange rate is trading down -0.35% at 1.21896 GBP/EUR.
The Pound Sterling to Mexican Peso exchange rate is trading down -0.63% at 22.03186 GBP/MXN.
The Pound Sterling to Norwegian Krone exchange rate is trading down -0.27% at 10.15397 GBP/NOK.
The Pound Sterling to New Zealand Dollar exchange rate is trading down -0.22% at 1.99661 GBP/NZD.
The Pound Sterling to Turkish Lira exchange rate is trading down -0.6% at 3.63420 GBP/TRY.
The Pound Sterling to US Dollar exchange rate is trading down -0.35% at 1.67055 GBP/USD.
The Pound Sterling to South African Rand exchange rate is trading down -0.7% at 18.07970 GBP/ZAR.
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