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Online currency exchange referral systems GCEN » Currency Exchange News » Weekly Currency Market report 25th January 2014

26
January
2014

Weekly Currency Market report 25th January 2014

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£/EUR
Movement in rates:1.1987 -1.2223
Variance of the week on £100,000 = €2360

Eurozone CPI remained broadly in line with expectations, remaining at 0.7%. An influential survey in Germany ( The ZEW) revealed disappointing expectations for German economic growth.

The IMF lifted spirits with a new global economic growth forecast for 2014 to 3.7%, from 3.6%, last forecast in October 2013. The UK seems to have had a major influence as the UK is showing signs of increased confidence. With further good news on the UK unemployment rate, the GBP/EUR rose to the highest level since Jan 10th, 2014.

 

£/USD
Movement in rates: 1.6309 – 1.6551
Variance of the week on £100,000 = $2420

The US inflation grew by 1.5%. This is in line with expectations and has allowed the US to leave interest rate changes on hold.

The US Dollar has continued to remain in the 1.62 – 1.66 range against GBP, as it has done for about 2 months.

 

£/AUD
Movement in rates : 1.8373 – 1.8750
Variance of the week on £100,000= $3770

Jobs in Australia continue to influence the rates. The number of jobs created was down by just over 22,000. The markets expected over 10,000. As a consequence, Sterling improved against the Australian Dollar to its highest level since September 2009. Recently, GBP /AUD nudged 1.875.

 

£/NZD

Movement in rates: 1.9550- 2.0009
Variance of the week on £100,000 = $4590

GBP/ NZD rates continue to nudge past recent highs of 2.02, but may be held back by the high possibility that the RBNZ will raise interest rates at their next meeting.
£/ZAR

Movement in rates: 17.7180 – 17.9519
Variance of the week: on £100,000= R23390

Not much happening with GBP/ ZAR this week. However, worth mentioning that GBP is currently at its highest level since October 2009.
£/CAD

Movement in rates: 1.7828 – 1.8155
Variance of the week: on £100,000= $3270

It seems that August to October 2009 was a watershed period for GBP against most major currencies. The Canadian Dollar is no exception. GBP/ CAD is now the highest its been since August 2009.

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