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Defiant decline of the Dollar

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Pound Sterling

The Pound has dropped against the Euro due to a stronger-than-expected German sentiment survey creating optimism among investors. Against the Dollar the Pound is trading above the 1.60 mark ahead of today’s Federal Reserve meeting. Investors are expecting the Reserve to signal a new round of aggressive monetary easing that will almost certainly lead to a reduction in the value of the Dollar.

US Dollar

The ‘Greenback’ is trading lower against the Euro for a third-day due to expectations that the Federal Reserve will announce an expansion to its monetary easing programme today. As a result the Dollar has slid against the majority of its 16 most traded peers.

Today, Dollar traders should be aware of the Fed’s statement this evening. Analysts are expecting it to announce an expansion of its bond buying program, which if true will result in further losses for the currency. Any signs of an economic expansion could see the investors opt for more risk taking which could add further losses.

The Euro

The Euro has strengthened against the Dollar due to a German report showing that investor confidence has jumped in the region’s most powerful economy. The single currency rose against all but two of its 16 major counterparts. A positive Spanish bond auction also contributed to the currency’s strength.

Today, the Euro could see some volatility following the release of the EU Industrial Production figures; with a better than expected result likely to lead to some risk taking in the marketplace. Additionally, the US Federal Reserve Statement is likely to impact the Euro as well as the US dollar. If an expansion of the Federal Reserve's bond buying program is announced, higher-yielding assets, including the Euro, are likely to see some bullish movement as a result.

Australian Dollar

The ‘Aussie’ has strengthened to a two-month high against the Dollar due to the market’s expectation that the US Federal Reserve will implement a new round of monetary easing. The gains could be limited after a report showed that consumer confidence has slumped to its lowest level in nine months. Against the Japanese Yen the ‘Aussie’ hit an eight-month high

New Zealand Dollar

The ‘Kiwi’ has hit a nine-month high against the US Dollar and is close to breaching the 84 cents barrier. US Fed chairman Ben Bernanke is expected to keep interest rates near to zero and could announce a new round of monetary easing. Some analysts are predicting that the ‘Kiwi’ could possibly reach as high as 90 cents by next year.

Canadian Dollar

The ‘Loonie’ is holding steady against the US Dollar after hitting a two-month high yesterday. Canada posted a trade deficit of $169 million in October, a significantly better figure than the $1.01 billion deficit it posted in September. Analysts had been predicting a shortfall of $1.2 billion. The data was in contrast to U.S. trade data, which showed its deficit widened in October. Exports suffered their biggest drop in nearly four years, indicating slowing global demand was spilling over into the already struggling U.S. economy.

South African Rand

The Rand is holding steady against the US Dollar ahead of the Federal Reserve’s policy meeting announcement and the release of domestic inflation data. Economists are expecting year-on-year inflation to have remained steady at 5.6% in November. A higher number could increase the prospect of more monetary tightening next year which could prove supportive of the Rand.

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