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Dollar rebounds

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US Dollar

The US Dollar rebounded from a two-week low against the Euro and made gains against the majority of its peers after a Federal Reserve policy maker said that the US Central Bank should continue to reduce its quantitative easing programme. As a result of the comments, commodity and emerging market currencies weakened.

Pound Sterling

The Pound made its biggest gain in two weeks against the US Dollar in yesterday’s session after a report showed that inflation in the UK fell to match the Bank of England’s target of 2%. -the first time it has done so in four years. Today, Sterling has softened as investors wait for Bank of England Governor Mark Carney to testify to UK lawmakers on the financial stability of the country. Against the Euro the Pound was little changed.

The Euro

The Euro is softer against the Pound and US Dollar after data released early in the session showed that GDP growth in Germany, the Eurozone’s largest economy, came in below expectations. Economists had been expecting a growth rate of 0.85%, instead the data showed a rise of 0.4%. The currency gained some support from better-than-expected inflation out of Spain which came in above expectations.

Australian Dollar

The ‘Aussie’ declined against the majority of its peers as demand for the US Dollar rose after US Federal Reserve officials backed further reductions to the Bank’s monetary easing programme. The ‘Aussie’ could weaken further on Thursday if Australian employment data comes in below forecast.

New Zealand Dollar

The New Zealand Dollar followed its ‘Aussie’ relation downward against the US Dollar and softened against the Pound and Euro. The New Zealand currency is expected to reach parity with the ‘Aussie’ over the course of 2014 as the smaller Oceanic nation’s economy diverges from its neighbour. Business confidence in the country soared to a 20-year high yesterday.

Canadian Dollar

The Canadian Dollar remains close to a four-year low against several peers as investors grow nervous ahead of next week’s Bank of Canada interest rate decision and policy statement. The currency is likely to remain weak after a policy maker said that the nation’s manufacturing sector was happy with the weaker ‘Loonie’.

South African Rand

The Rand weakened towards a five-year low against the US Dollar in early trading and is set to make a third straight day of losses against a Dollar bolstered by upbeat US data. The currency is also looking vulnerable because of expectations of weak domestic retail sales and manufacturing data due later in the session, which would add to a subdued outlook for South Africa’s GDP.

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