The British Pound Sterling (Currency:GBP) is trading with a positive bias on Monday morning; foreign exchange rate markets are however looking subdued.
A look at today's foreign exchange rates shows:
- The Euro Dollar exchange rate is 0.11 pct higher at 1.3193.
- The Euro Pound exchange rate is 0.18 pct lower at 0.8418.
- The Pound Dollar exchange rate is 0.27 pct higher at 1.5675.
Be aware: The above quotes are taken from the wholesale spot markets. Your bank will likely affix a discretionary spread to the figures when passing on a retail rate. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering more currency. Please learn more here.
Japanese Yen exchange rates today
A look at the Japanese Yen (Currency:JPY) shows broad-based weakness with losses being seen against the British Pound Sterling, US Dollar and Euro.
"while today's Japanese GDP data showed an impressive increase of 3.6% annual growth - the gains were spurred by capital investment while consumer sentiment as measured by the Eco Watchers survey actually declined a bit to 51.2 from 52.3 the month prior," says Boris Schlossberg at BK Asset Management.
Although Abenomics has certainly had positive impact in reviving the Japanese economy, there is a very real danger that the combination of a sales tax hike and slowing global growth could undo much of the recent gains.
Euro exchange rates today: EUR strengthens against the US Dollar
Elsewhere on the foreign exchange rate markets today we see the euro strengthened towards the 1.3200 figure after the Sentix investor survey rose to 6.5 from -4.0 eyed - its best reading since May 2011.
The Pound to US Dollar exchange rate (Cable) also moved higher, boosted by the M&A flows from the Suntory-GSK deal while Aussie cleared 9200 handle after good Chinese Trade data over the week-end and the solid Home Loan data.
The win of the right leaning Liberal party over the weekend was also seen as a positive step, with new Prime Minister Tony Abbott vowing to roll back the mining and carbon tax.
"With no data on the US calendar, trading may remain quiet as markets continue to speculate on the twin dominant themes of Syria and Fed taper. But with no major announcement from either Washington or New York expected today, price action is likely to remain muted," says Schlossberg.