GBP EUR Exchange Rate Makes Gains, GBP USD & GBP CAD Exchange Rates Down

Modified: Thursday, 2 January 2014 16:48 BST - Written by David Woodsmith

STORY LINK GBP EUR Exchange Rate Makes Gains, GBP USD & GBP CAD Exchange Rates Down

The US and Canadian Dollars have stolen the show so far today, both clawing back a significant portion of their recent losses against Pound Sterling. The move has seen the Pound US Dollar exchange rate (GBP/USD) peel back to its current level of 1.6485 while the Pound Canadian Dollar exchange rate (GBP/CAD) has retraced back to touch as low as 1.7495 a little earlier.

The US tender had experienced sustained selling pressure during the week which followed Christmas Day after the revelation that over one million Americans were set to lose their emergency unemployment benefits after a state-funded scheme introduced by erstwhile US President George W. Bush expired. The withdrawal of the programme came as a result of a failure by Democrat and Republican politicians to reach an accord, causing investors to fret about the potential for further budgetary rows between America’s warring political factions.

This afternoon’s US Initial Jobless Claims numbers certainly helped the Greenback, printing at 339,000 versus analysts’ expectations of a showing of 344,000. With American Continuing Claims numbers, released at the same time, also bettering expectations, today’s session has been a positive one for the Buck. The Loonie has also shone in the Dollar’s reflected glory.

The Pound Euro Exchange Rate Traded as High as 1.2088 GBP/EUR Today.

Elsewhere, the Pound euro exchange rate (GBP/EUR) has put in a positive performance as the year gets underway. The pair has traded to as high as 1.2088 so far today in spite of better than anticipated German and whole of eurozone Purchasing Manager Index Manufacturing surveys released earlier. GBP EUR is now well within striking distance of its 11 ½ month high in the middle part of the 1.2100-1.2200 trading range. A better than anticipated showing from tomorrow morning’s UK PMI Construction survey and mortgage approval data could send the pair up to a fresh near-term high, sending out a strongly bullish signal. If such a situation transpires, then GBP EUR may enjoy a decent 2014.

Current GBP/EUR/USD/CAD Exchange Rates Today (16:50 GMT 02/01/2013)

The Pound Sterling to Canadian Dollar exchange rate is trading down -0.93% at 1.74829 GBP/CAD.
The Pound Sterling to Euro exchange rate is trading down -0.08% at 1.20329 GBP/EUR.
The Pound Sterling to US Dollar exchange rate is trading down -0.78% at 1.64461 GBP/USD.
The Euro to Canadian Dollar exchange rate is trading down -0.86% at 1.45293 EUR/CAD.

The Euro to Pound Sterling exchange rate is trading up +0.08% at 0.83106 EUR/GBP.
The Euro to US Dollar exchange rate is trading down -0.7% at 1.36677 EUR/USD.

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TAGS: American Dollar Forecasts Canadian Dollar Forecasts Currency Predict Forecasts