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Euro hits three year high against Yen

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Pound Sterling

Earlier this week Sterling strengthened as positive industrial production figures further alleviated triple-dip recession concerns, but with UK data thin on the ground Pound movement was limited yesterday. The British currency is little changed against the US Dollar and Euro this morning but could experience fluctuations as a result of the sale of 1.6 billion Pounds of index linked gilts.

US Dollar

Yesterday saw the release of minutes from the FOMC’s latest policy meeting. The minutes (which were leaked earlier than scheduled) revealed a marked division among the committee regarding the aggressive easing currently in place. Although the minutes were less-dovish than feared, recent disappointing US data has led to some investors ascribing them less importance than normal. This afternoon’s initial jobless claims report for the US is likely to be the main cause of ‘Greenback’ volatility today, although the publication of the IMF’s Financial Stability report will also be of interest.

The Euro

With the Bank of Japan’s recent policy decision continuing to impact the market, the Euro touched a fresh three-year high against the Asian currency yesterday. The Euro experienced little movement this morning after German CPI figures met economists’ expectations. The common currency could fluctuate tomorrow following the publication of industrial production figures for the Eurozone.

Australian Dollar

After gaining on its rivals following the release of Chinese import figures, the ‘Aussie’ slid against several of its peers during local trade as a result of less-than-impressive employment data. The Australian Dollar fell against its US and New Zealand counterparts after the nation’s jobless rate rose from 5.4 per cent to 5.6, the worst result since 2009. The number of people in employment fell by 36,100 – three times more than economists anticipated.

New Zealand Dollar

Worse-than-forecast Australian employment data allowed the ‘Kiwi’ to advance on the ‘Aussie’. The former currency briefly achieved 1.2230 New Zealand Dollars before a slight downward correction saw it trading in the region of 1.2249 New Zealand Dollars at the close of trade. The ‘Kiwi’ also achieved a 1 ½ year high against its US counterpart following the publication of upbeat manufacturing and home price data for the South Pacific nation.

Canadian Dollar

The Canadian Dollar was able to strengthen during local trade as the Bank of Japan’s decision to double easing increased the attractiveness of commodity-driven currencies. The ‘Loonie’ climbed by 1 per cent against the Yen and posted a modest gain against the US Dollar. If today’s Canadian New Housing Price Index delivers a disappointing result the ‘Loonie’ could shed yesterday’s gains.

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