Australian Dollar and New Zealand Dollar
The Aussie and Kiwi have both pushed higher against the US Dollar.
Investors have purchased the riskier assets with market conditions improving. The recent bailout of Greece, increase to the EFSF and US looking less likely to take up QE3 after recent positive data all contributing easing market heads. Due to this the AUD/USD has been as high as 1.0555 and NZD/USD 0.8220, but we open slightly off these high at 1.0521 and 0.8181 respectively.
Sterling has seen a choppy 24 hours versus the antipodean currencies and opens a little lower than yesterdays start. GBP/AUD opens at 1.4941 this morning and GBP/NZD is currently at 1.9210.
We expect a range today in the GBP/AUD rate of 1.4850 to 1.5040
We expect a range today in the GBP/NZD rate of 1.9090 to 1.9320
British Pound Sterling / US Dollar
Yesterday’s profit taking has seen the Pound gain against the Greenback.
There was little in the way of UK data releases Thursday, but the US session more than made up for this. As many believed would be the case, unemployment claims came in below the forecast figure and rounded off decent jobs data from the US recently. This was followed by the New York and Philadelphian manufacturing latest. The release only painted a rosy picture as they both continued to grow at a moderate pace in March.
The Greenback has been strong this week and due to this profit taking was seen on gains against the Pound yesterday. A Thursday session low of 1.5640 was reversed during the US session as investors sold the US Dollar. This took the currency pair back up to 1.5730. This is where we start this morning. It is another data heavy day in the US today.
We expect a range today in the GBP/USD rate of 1.5650 to 1.5770
The Euro gains against the Greenback as investors pull out of the US Dollar. As mentioned before, strong support for markets has been seen with the recent positive data from the US and this has in turn seen profit taking in the past 24 hours. EUR/USD, which had threatened to fall below the big figure 1.3000 earlier this week, rose to 1.3120 on the back of this.
The currency pair has fallen off these highs however and we open this morning at 1.3075. Sterling continues to trade in tight ranges. We are back above the 1.2000 figure this morning after trading between 1.1980 / 1.2040 yesterday. The currency pair opens today’s session at 1.2035.
We expect a range today in the GBP/EUR rate of 1.1990 to 1.2050
AUD: No data due for release today
EUR: No data due for release today
GBP: No data due for release today
NZD: No data due for release today
USD: Core CPI m/m, CPI m/m, Capacity Utilization Rate, Inductrial Production m/m, Prelim UoM Consumer Sentiment
By Alex Hartley: Corporate Dealer at UKForex
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