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Send Money Home Daily Currency update

Pound Sterling

The Pound has risen to a 3 ½ month high against the US Dollar as the markets prepare for the European Central Bank’s announcement on its bond buying programme later today. The Eurozone is the UK’s biggest trading partner and any easing of the debt crisis is positive for the Pound and UK economy.
A leaked report on the scheme by news agency Bloomberg has hinted that the plan includes buying unlimited amounts of sterilised government bonds. The news has caused some investors and traders to regard the proposal sceptically, and if the plan fails to deliver the impact they want then we could see the currency pair suffer.

Currently the Pound is trading in the region of 1.260 against the Euro and 1.590 against the US Dollar.

US Dollar

The US Dollar has weakened against most of its peers due to the demand in riskier assets increasing ahead of the European Central Bank’s bond buying
announcement. Against the Pound the currency is trading unusually flat despite the results of UK data hinting that the country is edging out of recession. The pair is slowly edging upwards towards the important barrier of 1.600.

Currently the US Dollar is trading in the region of 0.628 against the Pound and 0.793 against the Euro.

The Euro

The Euro is trading close to an eight-week high as the markets gear up for the release of the European Central Banks new bond buying scheme. Fears that the plans will disappoint have caused the currency to make limited further gains. The prospect of future Central Bank bond buying is expected to ensure a successful Spanish debt sale later, and debt investors will also be watching France’s return to the market as it plans to sell up to 8 billion Euros of debt, including a new 15-year bond.

Currently the Euro is trading in the region of 0.792 against the British Pound and 1.261 against the US Dollar.

Australian Dollar

The ‘Aussie’ is trading upwards after the country’s jobless rate made an unexpected decline in August. The unemployment rate fell to 5.1% from 5.2% in July with observers pinning the cause of the decrease on mining companies continuing to hire new workers, something that contradicts the belief that the mining boom has ended.
The currency was also bolstered as traders reduced bets that the Reserve Bank of Australia will cut interest rates next month.

Currently the Australian Dollar is trading in the region of 0.643 against the Pound, 0.810 against the Euro and 1.021 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has followed the ‘Aussie’ upwards as the fall in the Australian unemployment rate bolstered confidence in the Oceanic currencies. The ‘Kiwi’ has also benefitted from higher demand for riskier currencies ahead of this afternoons ECB announcement.

Currently the New Zealand Dollar is trading in the region of 0.501 against the Pound, 0.633 against the Euro and 0.793 against the US Dollar.

Canadian Dollar

The ‘Loonie’ made an unexpected loss after the Bank of Canada chose to leave its policy rate unchanged at 1%. The figure had been expected by economists. The drop comes after many analysts were expecting the Central-Bank to sound slightly more cautious, given the strong external economic dangers and softer domestic data.

Currently the Canadian Dollar is trading in the region of 0.634 against the Pound, 0.800 against the Euro and 1.008 against the US Dollar

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