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ECB to buy country's bonds and lower its borrowing costs

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Pound Sterling

The Pound has fallen against the Euro as investors remain cautiously optimistic over Spain’s 2013 draft budget. Anticipation that the country will soon request a bailout has proved positive for the single currency as the markets want the European Central Bank to start buying the country's bonds and lower its borrowing costs.

This week’s release of the latest PMI surveys is likely to show that the UK economy is close to emerging from recession, if so the Pound will probably strengthen against its peers. Against the US Dollar the Pound has weakened as investors continue to seek shelter in the safe-haven currency as a month of turmoil is expected in the Euro zone.

US Dollar

The ‘Greenback’ has continued to strengthen against most of its major counterparts as new signs that the global economy is on the brink of entering another slowdown boosted demand for the safe-haven currency. The jobless rate in Europe is expected to increase to 11.4% for August and factory output from China fell once again. The Dollar has gained 0.3% against the Euro this morning hitting its strongest level since September 11th.
The US labour market continues to struggle as weak demand drags on the nation’s economy. US retail sales fell 0.9% this year according to Standard & Poor’s 500 index. It is the second consecutive quarterly drop and biggest decline since 2009.

The Euro

The Euro is set to face a difficult month in October as the single currency bloc faces a wave of public unrest in austerity hit nations and the European Central Bank launches its bid to end the Euro crisis. Key talks in Athens between the embattled Greek government and the nations creditors are expected to show a tougher stance by the Germans. The first of three crucial summits is set to take place on October 18-19th as leaders make or break the success of the ECB’s plan. The Euro is trading up against the Pound as the markets enjoy a sense of optimism over the draft 2013 budget for Spain.

Australian Dollar

The ‘Aussie’ is trading lower ahead of tomorrow’s Reserve Bank of Australia meeting. Expectations are predicting that the Bank will implement a cut in interest rates. Australia's manufacturing data released earlier today further confirmed a continued weakening in the sector. The Australian Industry Group Australian Performance of Manufacturing Index fell 1.2 points to 44.1 in September from August.

New Zealand Dollar

The ‘Kiwi’ is holding near a 12-month high against its Australian relation ahead of tomorrow’s Reserve Bank of Australia meeting. The currency rose to its highest level since September 2011 against its ‘Aussie’ relation. New Zealand is suffering from the slowing global economy with the country posting weak export data and disappointing data from its manufacturing sector.

Canadian Dollar

The ‘Loonie’ has weakened against a basket of currencies as the markets grow increasingly risk averse due to the slowing global economy. The currency extended its losses against its US relation following the release of data showing that US business activity fell for the first time in three years.

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