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European Central Bank to launch a bond-buying program

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Daily Currency update

Pound Sterling

The Pound has fallen to a three-week low against the Euro after investors bought the single currency in order to meet their end of the month commitments. The poor outlook for the UK economy caused the Pound to struggle against the US Dollar. Confidence continues to slowly ebb away as poor data follows poor data, causing investors to seek safer havens elsewhere. The currency is not likely to reverse its losses this week as traders and investors remain cautious ahead of Friday’s speech by Federal Reserve chairman Ben Bernanke.

Currently the Pound is trading in the region of 1.259 against the Euro and 1.581 against the US Dollar.

US Dollar

The ‘Greenback’ has fallen against the Euro and Japanese Yen following the release of a disappointing US consumer confidence report. Despite improving U.S. job and housing markets, consumer confidence fell to the lowest level it's been since November 2011, according to The Conference Board, a private research group. The New York-based Conference Board said its Consumer Confidence Index in August fell to 60.6, down from a revised 65.4 in July and the 66 analysts were expecting.

Currently the US Dollar is trading in the region of 0.632 against the British Pound and 0.796 against the Euro.

The Euro

The Euro is rising close to its highest level in eight weeks amid speculation that the European Central Bank is preparing to launch a bond-buying program that could cap borrowing costs in the region. The single currency made gains against most of its peers following a good performance by Spanish bond yields yesterday. The Spanish Treasury sold 3.6 billion Euros of bills yesterday, more than the 3.5 billion Euros sought. The yield for three-month bills fell to 0.946 percent from 2.434 percent at the last sale on July 24. That’s the least paid for three-month bills at auction since May 22nd

Currently the Euro is trading in the region of 1.255 against the US Dollar and 0.794 against the British Pound.

Australian Dollar

The ‘Aussie’ is close to a one-month low as concerns over declining global growth weighs on the currency. The ‘Aussie’ is down against the Japanese Yen for the fifth day in a row thanks to a fall in a demand for building approvals. A report showed that construction across the country fell in the second quarter. A renewed concern over the state of China’s economy has also reduced the attractiveness of the ‘Aussie’ Dollar given the increasing dependency of Australia on the world’s second-largest economy.

Currently the Australian Dollar is trading in the region of 0.655 against the Pound, 0.825 against the Euro and 1.036 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has fallen to a two-and-a-half month low against the Euro after the European Union President Herman Van Rompuy declared the region’s rescue fund is ready for rapid deployment to aid Spain. Falling commodity prices and a strong currency have affected the currency’s strength and it is not expected to reverse its fortunes until after the Federal Reserve speech on Friday.
Currently the New Zealand Dollar is trading in the region of 0.509 against the Pound, 0.802 against the US Dollar and 0.640 against the Euro.

Canadian Dollar

The ‘Loonie’ has risen against the US Dollar as oil prices rose and traders await the outcome of the Federal Reserve speech on Friday. The price of Canada’s biggest export crude oil rose as hurricane Isaac batters the Gulf of Mexico. The storm’s powerful winds have affected oil production in the region causing prices to rise elsewhere. Oil also rose following a large fire at a major oil refinery in western Venezuela.

Currently the Canadian Dollar is trading in the region of 0.805 against the Euro, 1.011 against the US Dollar and 0.639 against the British Pound

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