The US Dollar fell against the Pound to trade close to a 27-month low as investors embarked on a bout of profit taking and as demand for Sterling remained buoyed by the mornings better than expected Construction PMI data.
The ‘Greenback’ continued to find some support from Monday’s strong ISM manufacturing figures which caused investors to lock in profits ahead of other major data releases due later in the week. The market is looking ahead to the latest GDP, Unemployment and balance of trade reports. Strong showings will increase speculation that the Federal Reserve could consider tapering its monetary easing programme sooner rather than later and would benefit the ‘Greenback’.
The US currency fell against Sterling following the release of the latest Construction PMI which jumped to 62.6 in November. The report beat economist forecasts for a decline to 59.0 and led to further demand for the UK currency.
The report came a day after data showed that the manufacturing sector in the U.K. expanded at the fastest rate in 33 months in November. The upbeat fuelled expectations that the Bank of England may tighten monetary policy ahead of other central banks.
Against the Euro the US Dollar fell following the release of data which showed that unemployment in Spain fell. According to official data the number of Spaniards unemployed fell by 2,500 in November contradicting forecasts for an increase of 44,300.
The Canadian Dollar meanwhile fell to fresh three year lows against the Pound and its US relation as speculation mounts that there is an increased chance that the Bank of Canada could choose to cut interest rates at Wednesday’s policy meeting.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6098
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7362
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0654
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6397
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3581
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9385
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.6910
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5723
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0654
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4471
(Correct as of 14:45 pm GMT)
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