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Euro set to strengthen ahead of today's data releases

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Pound Sterling

Despite the Office of National Statistics reporting a surprising stagnation in UK retail sales yesterday the Pound experienced little movement against the majority of its most traded counterparts, including the Euro and US Dollar. Today the British currency can expect to see volatility as a result of a raft of data releases including the GfK Consumer Confidence Survey, UK GDP statistics and Public Finance/Public Sector Net Borrowing figures.

US Dollar

Yesterday the US Dollar posted a mixed bag of economic data. Although the 3.1 per cent growth recorded in the third quarter was better than expected, gains in the ‘Greenback’ were tempered as fiscal-cliff negotiations failed to progress and the number of US jobless claims rose. Whilst developments in the ongoing budget discussions are likely to cause the most significant movement in the US Dollar over the course of trade today, investors will also be paying attention to US Personal Consumption/Income/Spending figures for November.

The Euro

During trade yesterday the common currency recoded moderate gains against several of its contemporaries before being pushed higher by news that Germany had cut its debt insurances in 2013 to 250 billion Euros. Today the most influential piece of economic news coming out of the Eurozone will be the German GfK consumer confidence survey for January. If it supports the optimistic German data seen earlier in the week appetite for higher yielding currencies like the Euro could be strengthened.

Australian Dollar

For the first time in over seven days the Australian Dollar closed local trade below 105 US Cents. Industry experts are attributing the ‘Aussie’s decline to better than forecast economic data for Germany, the largest economy in the Eurozone. A lack of Australian economic news today means that movement in the South Pacific currency is likely to result from developments in the US.

New Zealand Dollar

Yesterday the New Zealand Dollar continued to trade lower following disappointing GDP figures for the South Pacific nation. ‘Kiwi’ volatility could be triggered today following the release of New Zealand Credit Card Spending figures, but progression in the US fiscal-cliff situation could significantly impact the currency.

Canadian Dollar

The ‘Loonie’ posted modest declines against several of its peers yesterday, including the US Dollar, after commodity prices pulled back. The Canadian currency dropped by 0.04 of a cent in the morning but experienced further downward movement over the course of trade on the back of mixed economic data releases for the US. As the week draws to a close, investors will be watching this afternoon’s Bank of Canada Consumer Price Index and Gross Domestic Product figures.

South African Rand

The Rand has weakened against the Dollar due to global risk appetite turning negative as negotiations over the ‘fiscal cliff’ remain in deadlock. With the ANC elections out of the way the market’s attention is now focused on the ‘fiscal cliff’, any negative news will continue to weaken the currency whereas any positive news will have the opposite effect.