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European Central Bank new bond buying programme

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Pound Sterling

The Pound has climbed against the Euro after the European Central Bank quashed rumours over its bond-buying programme. An ECB spokesman said that it was misleading to report on decisions that have not yet been made. The announcement curbed the markets optimism that the ECB was finally coming close to firming up a strategy to ease the Euro crisis. Later in the week investors should keep an eye out for the second estimate for GDP which many are expecting will be revised up following the better-than-expected data released last week. These expectations are helping sterling to hold steady against the US Dollar.
Currently the Pound is trading in the region of 1.269 against the Euro and 1.575 against the US Dollar.

US Dollar
The US Dollar declined against its major counterparts in Asian trading as investors bought risky assets on hopes that the ECB will take action to curb the Euro debt crisis, a hope that looks set to backfire. Investors are also focusing on the release of the minutes of the Federal Reserve's July 31st-August 1st meeting, which is due for release on Wednesday. The US Dollar dropped to a 4-day low of 0.9876 against the Canadian Dollar, compared to 0.9885 hit late on Monday. If the ‘Greenback’ slides further, it will break last week's multi-month low of 0.9863. The U.S. Dollar also edged down to a 4-day low of 1.0489 against the Australian Dollar.

Currently the US Dollar is trading in the region of 0.635 against the Pound and 0.809 against the Euro.

The Euro

The Euro is holding relatively steady after posting losses following the ECB’s dismissal of the rumours over its proposed bond-buying scheme. The currency is looking increasingly vulnerable to a reverse as doubts once more creep in that the Euro leadership is dithering over a solution to the Euro crisis. The single currency wasn’t helped by the German Bundesbank stepping up its opposition to an ECB plan to buy billions of Euros worth of Italian and Spanish debt. Just when we think the big players in the Euro crisis are starting to agree on something the rug is pulled out from under us. As a result we can expect the Euro to make moves in the downward direction unless solid details of a plan to solve the crisis emerge.
Currently the Euro is trading in the region of 0.785 against the Pound and 1.235 against the US Dollar.
Australian Dollar

The ‘Aussie’ has added to yesterday’s gains against all 16 of its major counterparts after the Australian Central Bank saw domestic economic growth surpass the concern of a fragile global outlook. The Reserve Bank of Australia made no mention of intervening to curb the currency’s strength in the release of its latest minutes. The currency’s strength has persisted despite a decline in the terms of trade. The ‘Aussie’ has also been buoyed by the optimism out of the Eurozone although that could soon change after the ECB dismissed rumours reported in a German newspaper over its bond buying scheme.

Currently the Australian Dollar is trading in the region of 0.848 against the Euro, 1.048 against the US Dollar and 0.666 against the Pound.

New Zealand Dollar

The ‘Kiwi’ followed its Australian cousin in an upward trend after the minutes from the reserve bank of Australia meeting stoked demand for the Oceanic currencies. The Australian and New Zealand Dollars have been benefiting from rumours that the European Central Bank will embark on a major bond buying programme next month in a bid to stem the region's sovereign debt crisis and protect financial stability. These rumours however have been quashed by the ECB and could send the ‘Kiwi’ on a downward trend if optimism wanes.

Currently the New Zealand Dollar is trading in the region of 0.516 against the Pound, 0.656 against the Euro and 0.813 against the US Dollar.

Canadian Dollar
The ‘Loonie’ is holding close to its strongest level in more-than-three months following strong economic growth prospects and the optimism out of Europe. The currency extended a sixth consecutive weekly gain against the US Dollar, its longest streak of gains in two years, as expectations that US economic growth will sustain the demand for Canadian exports.
Currently the Canadian Dollar is trading in the region of 0.818 against the Euro, 0.644 against the Pound and 1.013 against the US Dollar.

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