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Bank of Australia could reduce its rates

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Send Money Home Daily Currency update

Pound Sterling

Over the weekend the Pound was up against the US Dollar and the Euro. Despite Bank of England Governor Mervyn King providing a downbeat assessment of the British economy on Thursday the Pound made gains which took it close to a 13 month high against the American currency after UK borrowing data proved better than forecast. These advances have now been offset by a strengthening US Dollar but this week Sterling could get a boost from EU farm subsidy payments due on the 28th of September. The payments have been estimated by the ING to be worth in the region of 3 billion Euro’s.

Currently the Pound is trading in the region of 1.2562 against the Euro and 1.6223 against the US Dollar.

US Dollar

A lack of influential economic developments over the weekend left the US Dollar little changed from Friday, but it has begun to make gains following news of discordance between Euro-Zone heavyweights France and Germany. This week several data releases, including tomorrow’s CB Consumer confidence figure, Wednesday’s New Home Sales report and Thursday’s Core Durable Goods Orders are predicted to show that the US economic recovery has made slight advances. If these figures hit forecast levels the US Dollar could make gains against the majority of its currency rivals.

Currently the US Dollar is trading in the region of 0.6158 against the Pound and 0.7710 against the Euro.

The Euro

Reports that the Euro-Zone’s two largest economies are at odds regarding the timeline of the proposed overhaul of banking supervision have brought the Euro’s rally to a halt. The current disagreements between Germany and France have resulted in the Euro dipping against the Dollar, offsetting the gains it made when hopes rose regarding the likelihood of Spain requesting a sovereign bailout. The common currency could fluctuate further over the course of today following the release of one of Germany’s key business sentiment surveys – German IFO Expectations for September. The German IFO reading is considered a key indicator of the health of the Euro-Zone as a whole, with low IFO readings indicative of economic slowdown. Today’s disappointing reading of 93.2 was 1.0 lower than Augusts’ figure and 1.8 lower than forecast.

Currently the Euro is trading in the region of 0.7975 against the British Pound and 1.2932 against the US Dollar.

Australian Dollar

Demand for higher yielding assets has been dampened by further discord in the Euro-Zone as disagreement between the leaders of the two biggest economies in the currency bloc curbs growth prospects. Prior to the release of disappointing data concerning German business confidence the ‘Aussie’ declined against its main peers. The down-under Dollar will now be looking to next week’s Reserve Bank of Australia policy meeting and the possibility of rates reduction.

Currently the Australian Dollar is trading in the region of 0.6411 against the Pound, 0.8058 against the Euro and 1.0405 against the US Dollar.

New Zealand Dollar

The New Zealand Dollar is currently trading at the lower end of the forecast trading range for this week of 81.80 to 84.30 US cents. Some analysts are predicting that the ‘Kiwi’ currency could end the week even lower as Euro-Zone speculation continues. Uncertainty surrounding a Spanish bailout and persistent delays regarding Greece reaching an agreement with its regional lenders is weighing on global risk sentiment. Renewed investor fears about the pace of global growth could have an adverse affect on the New Zealand Dollar and this could be exacerbated if the National Bank of New Zealand Business Outlook Survey for September (released on Thursday) slips as expected from the readings recorded for August.

Currently the New Zealand Dollar is trading in the region of 0.5080 against the Pound, 0.6363 against the Euro and 0.8251 against the US Dollar.

Canadian Dollar

Last week the Canadian Dollar faced a series of ups and downs. Recent negativity surrounding the Euro-Zone, poor Chinese data and weakened key commodities saw the currency decline by the most for eight weeks as investors turned from ‘the loonie’ to the more assured US Dollar. Tame inflation data has also indicated that interest rates won’t be raised by the Bank of Canada anytime soon which has left the Canadian Dollar little changed.

Currently the Canadian Dollar is trading in the region of 0.6292 against the Pound, 0.7906 against the Euro and 1.0211 against the US Dollar.