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£40 billion Greek bailout

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Pound Sterling

The Pound has strengthened against the US Dollar, and jumped upwards against the Canadian Dollar after the UK government appointed the Bank of Canada’s current governor Mark Carney to replace the outgoing Mervyn King. The choice took many economists by surprise but it appears the markets are pleased with the decision.

As a result of the announcement Sterling rose further above the important 1.60 mark against the US Dollar and a more than two-week high against the Canadian currency.

US Dollar

The ‘Greenback’ continues to be weighed down by concern that a deal cannot be made regarding the upcoming ‘fiscal cliff’. Fears are growing that the Republicans and Democrats will not be able to strike a deal that would avert the massive cuts to public spending and the hiking of taxes. If the ‘cliff’ is brought into force then we could see the US and global economy slide in the wrong direction.

Today Dollar traders should be aware of the latest Core durable goods orders and consumer confidence figures.

The Euro

The Euro has touched a three-week high after the regions finance ministers reached an agreement on Greece’s debt burden. The ministers agreed to release up to £40billion of bailout funds to the indebted nation. As a result demand for riskier assets increased causing the 17-nation currency to gain against the majority of its 16 most traded peers.

The single currency was also supported by the International Monetary Fund’s decision to cut Greece’s interest rates and give it more time to repay its recue loans.

Australian Dollar

The ‘Aussie’ has hit its highest level in two months after Eurozone officials agreed on a deal for Greece. The decision has caused demand for riskier assets to increase and helped the currency make gains against the majority of its 16 most traded peers.

The Australian Dollar also made gains against the New Zealand Dollar after the smaller nation posted a report showing that its annual trade-deficit widened to its widest level in three years.

New Zealand Dollar

The ‘Kiwi’ has weakened after coming under pressure due to releasing wider-than-expected trade deficit figures for October. The EU finance minister’s decision to grant further aid to Greece has gave the currency some support against the US Dollar.

Canadian Dollar

The ‘Loonie’ has fallen from its two-week high against the US Dollar due to Bank of Canada governor Mark Carney being named the new chief of the Bank of England. The currency was also weakened by a lack of demand for the currency as fears grow concerning the USA’s ‘fiscal cliff’. The price of the nation’s biggest export of crude oil also fell contributing to the weighing down of the currency.

South African Rand

The Rand is slightly up against the US Dollar as the demand for riskier assets increased due to the out of the European finance ministers meeting on Greece. The currency is remaining highly volatile however as new concerns over the health and stability of the South African economy concern investors. The latest crisis to hit the nation is the dire warning from one of South Africa’s biggest gold producers that the industry is on the brink of collapse. Gold Fields went on to say that production must increase if the sector is to survive.

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