Exchange Rates Today - Pound Sterling (GBP), Euro (EUR), US Dollar (USD), Australian + NZ Dollars & Yen

November 2, 2014 - Written by John Cameron

STORY LINK Exchange Rates Today - Pound Sterling (GBP), Euro (EUR), US Dollar (USD), Australian + NZ Dollars & Yen

Currency News brings you today's exchange rates outlook for the British Pound (GBP), Euro, Aus Dollar, NZ Dollar, Canadian Dollar and the Japanese Yen.

Movement in the global markets on the day has been informed by Thursday night’s surprise announcement from the Bank of Japan (BoJ) that it would be ramping up its large scale asset purchase project.

How does GBP compare to the key global currencies?

The Pound to Australian Dollar conversion rate is 1.81786 GBP/AUD.
The Pound to Canadian Dollar exchange rate today is converting at 1.80208 GBP/CAD.
The Pound to Euro exchange rate converts at 1 GBP is 1.27715 EUR.
The Pound to Japanese Yen conversion rate is 179.65936 GBP/JPY.
The Pound to New Zealand Dollar conversion rate is 2.05346 GBP/NZD.
The Pound to US Dollar conversion rate is 1.59951 GBP/USD.

The Japanese reserve bank caught investors on the back foot when it informed investors that it was upping its target for expanding its domestic monetary base from the previous JPY60-70 trillion level up to JPY80 trillion.

Pound to Yen Rate Today: GBP/JPY Spirals

The news has seen the Pound Sterling Japanese Yen exchange rate shoot forward by almost 3.0% on the day.

The pair touched 179.5000 earlier on and further gains could be in store as the year end approaches.

Neil Jones of Mizuho Bank highlighted the difference between the BoJ’s policy stance and that of the world’s number one central bank, stating earlier that, ‘the interesting thing is the Fed became more hawkish than expected this week and the sense was maybe the BOJ will remain relatively neutral. This has accentuated the sovereign divergence as a major force in markets. The price action tells you it’s a major surprise. This is a significant event.’

GBP Strengthens Against AUD NZD CAD

A side effect of the BoJ’s action has been a renewed strengthening of the US Dollar for the reasons outlined above.

The upshot has seen the Pound Sterling US Dollar exchange arte trend lower, seeing the pair touch 1.5940 GBP USD earlier on today.

Meanwhile, the attendant positive move in risk sentiment favoured the Commodity Dollars during early trading, sending the Pound Sterling lower against the Australian Dollar (currecny:AUD), New Zealand Dollar (currency:NZD) and Canadian Dollar (currency:CAD) during early trading.

Pound to Euro Exchange Rate Forecast: Could ECB Go For All-Out QE?

Elsewhere, this morning’s session brought the publication of official figures from Eurostat which revealed a slight increase in the pace of price rises in the euroland this month from last month’s anaemic showing of 0.3%.

However, with the Core CPI figure, favoured by the European Central Bank as a gauge of regional inflation, showing a marginal drop, the euro (currency:EUR), has once again struggled on the day. The Pound euro exchange rate currently sits at 1.2775 GBP EUR. Next Thursday’s ECB policy announcement for any hint that it may be edging towards a bout of all-out Quantitative Easing; such a development would be likely to send GBP EUR up towards the 1.3000 threshold.

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