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Australian Dollar low due to poor retail sales data

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Send Money Home Daily Currency update

Pound Sterling

The Pound remains trading up against the US Dollar following volatile trading on Friday due to the markets interpretation of the Federal Reserve speech by Ben Bernanke earlier in the day. In choppy trade the Pound first pared gains against the Dollar, before hitting a session high of $1.5896 as the market digested Bernanke's speech. The Euro rose to a three-week high against Sterling after demand for the single currency rose ahead of the European Central Bank meeting on Thursday.

Currently the Pound is trading in the region of 1.261 against the Euro and 1.586 against the US Dollar.

US Dollar

The Dollar is trading down against the Pound and Euro following the aftermath of the Federal Reserve speech on Friday. The Dollar has also slid against the Japanese Yen ahead of this week’s data releases that are expected to forecast that the nation’s manufacturing activity and hiring levels remain weak. Many traders are predicting that if the job figures come in particularly low then the chances of the Federal Reserve implementing further quantitative easing will increase.

Currently the US Dollar is trading in the region of 0.630 against the Pound and 0.795 against the Euro.

The Euro

The Euro is trading relatively steady as the markets await the outcome of the European Central Banks meeting on Thursday. Traders are remaining cautious as they take a wait-and -see approach to the single currency. Any positive action decided by the ECB on Thursday is sure to see the Euro make gains against most of its peers whereas if the markets believe that the ECB is hesitating over taking action to curb the Euro crisis we are sure to see the currency make negative movements.

Currently the Euro is trading in the region of 0.792 against the British Pound and 1.257 against the US Dollar.

Australian Dollar

The Australian Dollar has dropped to a six-week low due to the release of worse-than-expected retail sales data and further evidence of a weakening Chinese economy. According to the Australian Bureau of Statistics, retail spending fell by 0.8% in July a sharp turnaround from the 1% increase seen in June. The ‘Aussie’ has been on a downward slide since fears that the country’s mining boom is over.

Currently the Australian Dollar is trading in the region of 0.646 against the Pound, 0.816 against the Euro and 1.025 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has made gains against its Australian cousin due to the release of dwindling retail sales figures and the slowdown of the Chinese economy. It is predicted that the ‘Kiwi’s’ rise will be short-lived as falling commodity prices due to sliding dairy prices and rising imported petroleum costs, begin to take effect on the country’s economy. The New Zealand Dollar will probably fall to 78 US cents this week with the deteriorating picture emerging in China, and may head towards the mid-70s this month.

Currently the New Zealand Dollar is trading in the region of 0.504 against the Pound, 0.636 against the Euro and 0.801 against the US Dollar.

Canadian Dollar

The ‘Loonie’ posted its biggest monthly gain against its US relation over the weekend after the nation’s economy posted better-than-expected GDP figures. The Canadian Dollar was also boosted by its biggest export of crude oil, hitting its highest price since last October. Friday’s Federal Reserve speech also boosted confidence in the country as Canada’s biggest trade partner the United States outlined firm action to improve the economy.

Currently the Canadian Dollar is trading in the region of 0.639 against the Pound, 0.8065 against the Euro and 1.014 against the US Dollar.