The US Dollar is little changed against the Pound as the UK currency erased the gains it made earlier in the session.
Cable initially firmed after Bank of England Governor Mark Carney testified to parliament but softened following the release of housing and consumer confidence data out of the US.
Comments made by BOE governor Mark Carney sent the Pound lower against the US Dollar after he told a parliamentary committee that the Bank’s 7% unemployment target was a threshold and not a trigger for the bank to increase interest rates.
As a result speculation grew that UK GDP data due for release on Wednesday will not live up to expectations and will fail to meet economist forecasts. Previously Sterling had come close to hitting a one-month high against the ‘Greenback’.
The Dollar managed to firm against the Euro and other peers after data released in the afternoon showed that applications for home construction soared to a five-year in October, adding to signs that the US housing market is picking up speed.
According to the Commerce Department, the number of building permits issued increased by 6.2%, the biggest increase seen since 2008. The figure also beat economist forecasts.
The positive data aided the US currency as it increased expectations that the Federal Reserve could cut its monetary easing programme in the next few months as the world’s largest economy continues to make a recovery.
The US Dollars gains were restrained after a consumer confidence data release came in below forecast. Confidence slipped to 70.4 in November, down from the revised figure of 72.4 in September and below economist expectations of 71.2.
The Canadian Dollar fell to a four-month low against its US relation and tumbled further against the Pound and Euro as the price of crude oil, Canada’s biggest export fluctuated.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6176
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7377
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0545
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6189
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3554
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9483
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.6996
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5857
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0545
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4293
(Correct as of 15:30 pm GMT)
Comments are closed.