The US Dollar reached a ten-month low against the Pound on Wednesday after UK GDP data matched economist forecasts and as US durable goods data came in below expectations.
The ‘Greenback’ remains under pressure from Tuesday’s mixed data results which saw consumer confidence in the country fall to a seven-month low in November. The Pound managed to climb to its highest level since January after data confirmed that the UK economic expansion accelerated in the third quarter of the year, increasing demand for Sterling.
According to the US Labour Department, the number of US citizens claiming unemployment benefits in the week ending November 23rd fell by 10,000 to 316,000, the lowest number in two-months. Despite the positive jobless claims data the US Dollar was unable to make gains as durable goods orders declined more-than-expected in October.
Durable goods orders declined by 2% in October, worse than the 1.9% decline forecast than economists. As a result the ‘Greenback’ remained close to a monthly low against the Euro.
The Euro was boosted earlier in the session after data showed that the forward looking Gfk index of German consumer confidence rose to a six-year high of 7.4 for December, up from 7.1 in November and as a deal was reached to form a coalition government in Europe’s largest economy.
The Canadian Dollar meanwhile fell against its US counterpart and slumped to its lowest level since 2009 against the Pound as oil prices declined for a fourth consecutive day. Oil is Canada’s biggest export and any decline in the commodity’s value has a negative impact on the currency.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6136
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7351
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0534
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6295
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3602
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9492
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.6978
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5825
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0534
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4328
(Correct as of 14:30 pm GMT)
Comments are closed.