Exchange Rates Summary: Pound Sterling, Swiss Franc, Canadian Dollar, Aus Dollar and Rand

December 1, 2014 - Written by John Cameron

STORY LINK Exchange Rates Summary: Pound Sterling, Swiss Franc, Canadian Dollar, Aus Dollar and Rand

British Pound Exchange Rate (currency:GBP) Records Gains Versus the Canadian Dollar (currency:CAD) and the Norwegian Krone (currency:NOK)

Major developments in the global currency markets have driven substantive price action for the world’s premier currency pairs so far today. Analysts forecast that this is set to continue during coming weeks.

The Pound to Australian Dollar exchange rate today is converting +0.15 per cent higher at 1.85232 GBP/AUD.
The Pound to Canadian Dollar exchange rate converts -0.35 per cent lower at 1 GBP is 1.78172 CAD.
The Pound to Swiss Franc exchange rate today is converting +0.44 per cent higher at 1.51762 GBP/CHF.
The Pound to US Dollar exchange rate converts +0.8 per cent higher at 1 GBP is 1.57370 USD.
The Pound to Rand exchange rate converts -0.04 per cent lower at 1 GBP is 17.31104 ZAR.

Swiss Franc Exchange Rate Weakens After Referendum

The Pound Sterling (currency:GBP) has gained ground against the Swiss Franc (currency:CHF) following the publication of the results of the Alpine nation’s weekend referendum which revealed that the Swiss people had voted in their droves to reject a proposal to boost their nation’s gold reserves.

Aus Dollar and Rand Exchange Rates Also Lose Ground

The news from Switzerland had the additional effect of sending the wholesale gold price sharply lower and it was this side-effect which helped weaken the Australian Dollar (currency:AUD) and the South African Rand (currency:ZAR). The upshot has seen the Pound Rand exchange rate recover to as high as 17.43 during early trading as investors fretted about the potential effect that a further move lower for gold might have on the South African economy.

Commodity Dollars Lose as Oil Hits 5-Year Low

Elsewhere, another significant downward movement in the price of oil has made it a poor session for global commodity prices. Oil traders continue to close the speculative ‘long’ positions which they took out before last week’s OPEC meeting following the twelve nation body’s announcement that it will not be constricting supplies in order to force the market higher in the near-term at least, sending the price of a barrel of crude down to its lowest level for some five years.

Poor Chinese Data Add to Woes For Norwegian Krone and Canadian dollar Exchange Rate

Meanwhile, last night’s data pointing to a larger than expected cooling of activity levels in China’s manufacturing sector suggested that levels of demand for crude may well ebb further during coming months. The news hit the usual suspects harder than most, with the Canadian Dollar (currency:CAD) and the Norwegian Krone (currency:NOK) shipping support on the session. The Pound Sterling Norwegian Krone exchange rate edged above the 11.000 threshold during early trading today before pulling back. Meanwhile, the Loonie has suffered pronounced downside on the day for the same reasons, sending the GBP CAD exchange rate up to an intraday peak of 1.7946 earlier on.


Yen Loses Out on Downgrade

Elsewhere, the Japanese Yen (currency:JPY) has also put in a poor showing today, sending the GBP JPY exchange rate up to 186.3300, following the announcement from leading credit ratings agency Moody’s that it was trimming Japan’s sovereign debt rating over fears that the nation’s policymakers will be able to curb their nation’s massive deficit.

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