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Posted on 1 Oct 2014 (Rev 3 Oct) by Samuel Allen<!– – Tags: Euro, US Dollar, Australian Dollar, British Pound, Forex Trading, Currency News, Exchange Rates, Currency Rates, Interest Rates, Investing, Bank Of Japan, Japanese Yen, Canadian Dollar, New Zealand Dollar, New Zealand, Economy, UK, Greenback, China, European Central Bank, US, Federal Reserve, Britain, Pound Sterling, –>
The Pound to euro, aus, us and nz dollar exchange rate levels continue to fall today after recent data showed British manufacturing grew at the slowest rate in 17 months during September.
The Pound to Dollar exchange rate rested close to a 2 week low, with demand for the USD currrency remains high.
Where does the Pound and Euro place today? (03/10/2014)
The Pound to Euro exchange rate is steady and converts at 1 GBP is 1.27539 EUR.
The Pound to Dollar exchange rate is slumped -1.22 per cent at 1.59587 GBP/USD.
Please Note: these are inter-bank forex rates to which margins are applied when sending money overseas (eg euros, dollars or pounds) – speak to a recommended FX provider to lock in the best foreign exchange rates. Also get free email updates or rate alerts.
The slowdown in manufacturing of this magnitude is likely to be factored into the Bank of England’s thinking when they decide on interest rates next week.
The Pound to Dollar exchange rate dropped to $1.6164 GBP/USD after the data was released from around $1.6198 beforehand; the pair are trading in a downward trend with support around 1.6050 GBP/USD.
The Pound also weakened against the Euro, the move was short lived, Sterling weakened to 77.86 pence per Euro from 77.745 before the data but has now regained to 77.80 as traders shorted the rally.
“We are short on Sterling Dollar, with a target of 1.6055 GBP/USD, we will continue to sell the pair on any rallies, most of our traders are short on the EUR/GBP exchange rate, we don’t expect this to change for some time, interest rates are working in the Pounds favour, we can’t see this changing anytime soon,” said a senior Forex broker today.
The FTSE 100 index has continued to fall after Sainsbury’s reported a 2.8% fall in profits, Tesco and Morrisons have also published dismal figures, for the last quarter. The FTSE is now consolidating around the 6,660.08 point level.
The Dollar has rallied to a 6 year high versus the Yen (USD/JPY) and is holding near a two-year peak against the Euro (EUR/USD) earlier today, as investors added to bets that U.S. data will drive the Federal Reserve to raise interest rates.
Commodity currencies such as the Australian/New Zealand Dollars (AUD/NZD) and Canadian Dollar (CAD) have suffered as oil and copper prices continue to drop, Chinese demand for raw materials is falling as their economic growth shows signs of slowing down.
The Australian Dollar was also hit by particularly weak retail sales data.
Market focus is now likely to shift to Friday’s non-farm pay rolls figure for a deeper understanding of when the Fed is likely to act.
Forex market analysts are currently putting the U.S. economy on a recovery path that will allow the Fed to raise interest rates well before the European Central Bank, Bank of Japan and maybe even the Bank of England.
Pound Sterling Exchange Rates Today
The Pound Sterling to Australian Dollar exchange rate is trading down -0.15% at 1.85294 GBP/AUD.
The Pound Sterling to Canadian Dollar exchange rate is trading down -0.54% at 1.80746 GBP/CAD.
The Pound Sterling to Hong Kong Dollar exchange rate is trading down -0.23% at 12.56127 GBP/HKD.
The Pound Sterling to New Zealand Dollar exchange rate is trading down -0.11% at 2.07402 GBP/NZD.
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