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Bank of England to introduce a new round of quantitative easing

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Pound Sterling

The Pound has hit a two-week high against the US Dollar and has made gains against the Euro after the UK posted better-than-expected PMI data for its services sector. The PMI data showed that the UK’s most important sector rose to 53.7 in August instead of the predicted 51.1.

The data has raised hopes that the country is on the right track to emerge from recession. The strong data allowed the Pound to shrug off the weak construction PMI data and dampened the markets belief that the Bank of England will introduce a new round of quantitative easing. Continuing optimism that the European Central Bank will soon take measures to stem the Euro crisis supported the Pound against the Dollar.

Currently the Pound is trading in the region of 1.265 against the Euro and 1.585 against the US Dollar.

US Dollar

After making a relatively strong start in the markets yesterday ‘Cable’ began to fall against most its currency peers due to the release of worse-than-expected manufacturing PMI data. The markets are keeping a close eye on the Federal Reserve as the chance of further quantitative easing becomes more likely.

If the European Central Bank’s soon to be unveiled plans to lower the Euro zone’s borrowing costs fail to deliver, then we can expect to see the Dollar receive a boost as risk aversion is sure to increase.

Currently the US Dollar is trading in the region of 0.630 against the Pound and 0.797 against the Euro.

The Euro

The Euro has fallen for a second day ahead of tomorrow’s European Central Bank meeting. The single currency is trading lower against most of its major counterparts due to the release of weaker- than- expected retail sales data.

Currently the Euro is trading in the region of 0.790 against the British Pound and 1.253 against the US Dollar.

Australian Dollar

The ‘Aussie’ has slumped to its lowest-level for six months as the nation’s economic growth slowed more-than-expected in the second quarter. The currency also slumped to a six-week low against the Japanese Yen due to the weak data emerging out of the Eurozone. Australia’s GDP advanced by 0.6% a far cry from the forecast 1.4%. The ‘Aussie’ is the worst performing currency amongst ten developed nations’ currencies having declined by 4.2% in the last month.

Currently the Australian Dollar is trading in the region of 0.642 against the Pound, 0.813 against the Euro and 1.018 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ made gains against the Australian Dollar due to Australia posting worse-than-expected GDP data. The New Zealand currency has benefitted from the deteriorating demand for Australia's main exports and the rise in price for dairy products in the latest auction on Fonterra Cooperative Group's Global Dairy Trade platform. Dairy prices have been supported by rising grain prices amid drought in the Northern Hemisphere

Currently the New Zealand Dollar is trading in the region of 0.501 against the Pound, 0.633 against the Euro and 0.793 against the US Dollar.

Canadian Dollar

The ‘Loonie’ has made losses against the US Dollar after Natural Resources Minister Joe Oliver said that the country does not have enough money to develop its oil resources and move the oil to market. Outside investment is proposed but the news dented confidence n the commodity based currency.

Currently the Canadian Dollar is trading in the region of 0.638 against the Pound, 0.808 against the Euro and 1.013 against the US Dollar.

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