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Euro makes gains

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The Euro

The Euro made gains against the Pound and US Dollar yesterday after a report showed that the Eurozone’s manufacturing PMI rose to a 32-month high in January. All of the regions struggling peripheral countries expanded and Greece returned to growth for the first time since August 2009. The currency remains under pressure however as concerns over low inflation weigh.

Pound Sterling

The Pound fell to a two-week low against the US Dollar and fell against the majority of its most traded peers yesterday following the release of a report which showed that the UK’s manufacturing sector expanded at its slowest pace in three-months in January. The country’s manufacturing PMI fell to 56.7 down from the 57.2 recorded in the previous month. The currency could regain some ground later in the session if a construction PMI comes in strongly.

US Dollar

The US Dollar fell against most of its major peers after a widely anticipated gauge of US factory activity came in below economist forecasts. The report also showed that new order growth fell at its fastest rate in 33 years, with the new orders index dropping to 51.2 from 64.4 in December. The employment index fell from 55.8 in December to 52.3, the weakest since June.

The data increased concerns that the global economy could be slowing down and bolstered demand for the safe haven Japanese Yen.

Australian Dollar

The ‘Aussie’ strengthened against the majority of its most traded peers on Tuesday after the Reserve Bank of Australia maintained interest rates at 2.5% and shifted its policy stance away from further rate cuts. The RBA also indicated that it is happier with the current level of the Australian Dollar.

New Zealand Dollar

The New Zealand Dollar is sharply higher against the U.S. Dollar and other peers after it tracked strong gains in Australia’s Dollar after the Reserve Bank of Australia dropped its bias towards easing rates at its latest rate review.

Canadian Dollar

The Canadian Dollar climbed against the US Dollar and other most traded peers on Monday due to increasing optimism that a controversial oil pipeline will be given the green light by the United States. The pipeline would boost shipments to Canada’s biggest trading partner and would give a boost to the Canadian Dollar and economy.

South African Rand

The Rand firmed slightly yesterday as it made a recovery away from a five-year low against the US Dollar. The gains are likely to be short-lived however as the currency remains under heavy pressure from international data due for release over the next few days. The ongoing strike in the platinum mining sector is also weighing heavily.

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