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Send Money Home Daily Currency update

Pound Sterling

Sterling has steadied after hitting a three-month high against the US Dollar yesterday. The rise came as the Pound was buoyed by market expectations that the European Central Bank was close to taking action to stem the Euro crisis. The gains could be short-lived as concerns over the Euro’s stability cast doubt over the UK economy. Bank of England Policy maker Adam Posen said that the UK was stagnating and if the Eurozone situation gets worse than the UK economy could be overwhelmed. The fate of the Pound is now currently tied to the Euro and depending on how the single currency acts will affect whether the Pound moves in either direction.

Currently the Pound is trading in the region of 1.264 against the Euro and 1.588 against the US Dollar.

US Dollar

The US Dollar took a beating in yesterday’s trading after it was undermined by the Federal Reserve saying that it was willing to implement further monetary stimulus ‘fairly soon’ unless the economy improves considerably. The ‘Greenback’ slumped to a seven-week low against the Euro, a one-week drop against the Yen and a three-month dip against the British Pound. The Euro hit $1.2538, its best level against the ‘Greenback’ since the 5th of July, before dipping back to $1.2525, still up 0.44% on the day.

Currently the US Dollar is trading in the region of 0.629 against the British Pound and 0.797 against the Euro.

The Euro

The Euro has risen to a seven-week high against the US Dollar after PMI surveys for French manufacturing and services activity was not as bad as predicted. The situation in Germany is not so good however, after their PMI showed that the country’s private sector has shrunk for four consecutive months and demand for its goods waned. The German result was not enough to dent the expectation that the ECB is close to implementing its bond buying scheme and Euro leader’s firm stance over Greece has raised optimism over the Eurozone leadership.

Currently the Euro is trading in the region of 0.790 against the Pound and 1.255 against the US Dollar.

Australian Dollar

The ‘Aussie’ made a gain against the US Dollar following the signals from the US Federal Reserve that is considering further monetary stimulus. The ‘Aussie’ is on unstable territory at the moment thanks to more bad news coming out of China. Australia’s biggest trade partner showed that its manufacturing activity has fallen to a nine-month low raising fears that demand for Australian exports could fall. The ‘Aussie’ is vulnerable at the moment and is more likely to head downwards rather than upwards.

Currently the Australian Dollar is trading in the region of 0.839 against the Euro, 0.661 against the Pound and 1.051 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ rose to a two-week high against the US Dollar, extending its rallying trend on the back of the Federal Reserve’s revelation that it was still considering further quantitative easing measures. Traders ignored a weak Chinese manufacturing indicator, with the HSBC purchasing manager’s index preliminary reading falling to 47.8 this month from July's 49.3. If that's confirmed, it would be the weakest level since November, and may signal the world's second biggest economy is in for a harder landing than expected.

Currently the New Zealand Dollar is trading in the region of 0.513 against the Pound, 0.651 against the Euro and 0.817 against the US Dollar.

Canadian Dollar

The ‘Loonie’ dipped yesterday following an unexpected decline in June’s retail sales figures. The data caused the US Dollar to edge up to a one-week high against its North American relation. The dip was short gained however after the latest Federal Reserve minutes revealed that it was still considering further monetary easing. The ‘Loonie’ recovered its losses and is now trading relatively steady against the ‘Greenback’. Weak Chinese manufacturing data is restraining the ‘Loonie’ as traders worry about exports and the demand for commodities.

Currently the Canadian Dollar is trading in the region of 0.806 against the Euro, 0.635 against the British Pound and 1.589 against the US Dollar.

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