Exchange Rates Today: GBP EUR, GBP AUD & GBP NZD Steady

Modified: Monday, 29 July 2013 15:52 BST - Written by Minesh Chaudhari

STORY LINK Exchange Rates Today: GBP EUR, GBP AUD & GBP NZD Steady

In with a whimper, out with a bang. This week promises to be a market-moving one in the global currency markets, with central bank announcements from the Bank of England, European Central Bank and US Federal Reserve, however price action for the major currencies has been subdued so far today. A generalised lack of tier one data releases so far today has made for a lack of movement for the major pairs. The Pound to euro exchange rate (currency : GBP EUR) is completely unaltered on the day and is currently changing hands exactly where it was at the start of the day – at 1.1584.

However, Sterling has lost a little ground against the US Dollar on the day; Cable is trading at 1.5355 at the minute and the pair has resiliently held below the 1.5400 threshold throughout the day. Some mildly disappointing UK Mortgage Approvals data for last month has hampered Sterling so far today. The June figure of 57,700 was down from May’s 58,100 showing, suggesting that the UK coalition government’s Help to Buy scheme is not yet having the desired effect on the British mortgage market. The coalition would point out that at the moment the scheme only covers new build properties, but that this is set to be extended to all UK property purchases at the start of next year. However, cynics would point out that Britain’s economy needs to get moving a lot sooner than this.

This morning’s UK Net Consumer Credit for last month also came in below par, showing at £500m versus analysts’’ expectations of a print of £700m. The figure has ensured that the Pound has struggled to break into positive territory against the under pressure Australian and New Zealand Dollars. The GBP AUD exchange rate currently stands at 1.6673 and the GBP NZD exchange rate was sitting at 1.9110 just after the New York equities session began.

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