The Pound Euro exchange rate (GBP/EUR +0.00%) was unchanged during the day. A lack of meaningful data release on to the market resulted in a lack of volatility and trading impetuous. The UK construction PMI was seen to fall from 64.6 to 62.6 in February – however the disappointing result was discounted due to the consensus that it was due to poor weather rather than any change in the economic climate.
The Pound US Dollar exchange rate traded down (GBP/USD +0.22%), despite yesterday’s Institute for Supply Management’s (ISM) manufacturing index increasing during February to 53.2Pound Swiss Franc exchange rate suffered as a result of the flow from safe haven currencies (GBP/CHF +0.32%). The Japanese Yen and USD Dollar have suffered in a similar fashion as investors have traded out of “safe havens” and moved funds back to riskier currencies on the perception that the risk of full conflict in the Crimea is subsiding.
The Pound Australian Dollar exchange rate (GBP/AUD -0.08%) saw some downside during the trading day the Reserve Bank of Australia (RBA) Interest Rate announcement saw the bench mark rate of interest unchanged. Comment was made by Glen Stevens (RBA Governor) to the effect that the current rate of interest was high by historical standards which put further pressure on the Aussie Dollar.
The Pound South African Rand exchange rate traded down (GBP/ZAR -0.34%) – the troubles plaguing the South African economy persist and the currency was not helped by a Chinese Manufacturing report (HSBC PMI) showing that activity fell from 49.5 in January to 48.5 in February. As a consumer of vast amounts of South African exports the Chinese economic news caused the Rand to react sharply.
The Pound Japanese Yen exchange rate (GBP/JPY +0.66%) declined strongly during trading as a result of reduced demand for safe haven currencies. The Russian President Vladimir Putin announced that he would not be sending further troops to the Ukraine in the immediate future which reduced fears of a wholesale escalation over the conflict in the Crimea.
The Ukranian Hryvnia (Currency:UAH) performed well on the day ending up between +1-3% versus a range of its currency pairs due to a reduction in panic trading currency flows out of the country.
Key British Pound Sterling Exchange Rates - Publish: 17:00 GMT 04/0314
British Pound / Australian Dollar exchange rate is 1.86521 GBP/AUD (down -0.12%)
British Pound / Canadian Dollar exchange rate is 1.85231 GBP/CAD (up +0.31%)
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British Pound / Swiss Franc exchange rate is 1.47890 GBP/CHF (up +0.5%)
British Pound / Chinese Yuan exchange rate is 10.24145 GBP/CNY (down -0.01%)
British Pound / Euro exchange rate is 1.21356 GBP/EUR (up +0.02%)
British Pound / Israeli Sheqel exchange rate is 5.81158 GBP/ILS (down -0.09%)
British Pound / Japanese Yen exchange rate is 170.30244 GBP/JPY (up +0.76%)
British Pound / US Dollar exchange rate is 1.66703 GBP/USD (up +0.03%)
British Pound / South African Rand exchange rate is 17.99137 GBP/ZAR (down -0.87%)