The US Dollar traded higher against the Pound following the release of inflation data out of the UK which showed that the annual rate of inflation in the country slowed to its lowest level in over a year in October which dampened demand for Sterling.
The Pound fell after the Office for National Statistics report showed that year-on-year inflation in the UK fell to 2.2% in October; the lowest level recorded since September 2012, and was down from the previous month’s level of 2.7%. The data was worse than 2.5% economists had been forecasting.
Against the Euro the ‘Greenback’ weakened after data showed that small-business optimism fell in October as a result of the 16-day US federal government shutdown.
According to the National Federation of Independent Business’s small business optimism index, confidence fell to 91.6 from the 93.9 recorded in the previous month. The figure was the lowest recorded since April. The average value of the small-business optimism index since the recovery started is 91, which is 8 points below the thirty-five year average through 2007.
The Dollar found support about many of other peers as speculation rises that the Federal Reserve will opt to begin tapering its monetary easing programme as soon as December.
As a result the Canadian Dollar fell to its weakest level in more than two-months as a cut to the Fed programme will weaken the ‘Loonie’ and other commodity based currencies. Also weighing upon the currency was that Crude oil, Canada’s biggest export snapped two days of gains.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6282
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7479
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0501
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5918
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3369
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9522
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7122
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5981
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6717
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0501
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4016
(Correct as of 14:50 pm GMT)
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