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‘Kiwi’ able to pare declines

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New Zealand Dollar

Although the ‘Kiwi’ returned from the Easter break in a slightly weaker position, the South Pacific currency was able to pare declines as investors focused on the upcoming Chinese manufacturing figures. The data is expected to show that China’s manufacturing sector contracted at a slightly slower pace in April.

Pound Sterling

As markets reopened following the Easter break the Pound remained in a stronger position against both the US Dollar and Euro. Last week’s unexpectedly impressive UK employment data continues to lend the British currency support and further Sterling movement may be restrained ahead of tomorrow and the publication of minutes from the Bank of England’s latest policy meeting.

US Dollar

Although the ‘Greenback’ was softer against peers like the Pound on Tuesday, it held its seven-day advance against the Yen. If today’s US Markit manufacturing PMI and new home sales data shows the improvement expected the US Dollar could post additional gains in the hours ahead.

Euro

Today Euro fluctuations are most likely to be triggered by Eurozone construction output and consumer confidence figures. The consumer sentiment index for April is forecast to produce a reading of -9.3.

Australian Dollar

Overnight the ‘Aussie’ edged further away from the four-month high recently achieved against the US Dollar. Although Credit Suisse positively revised its 12-month Australian Dollar forecast, disappointing domestic developments have taken some of the bullishness out of the currency. That being said, Australia’s conference board leading index for February did increase by 0.3 per cent following a gain of 0.2 per cent in January.

Canadian Dollar

In the aftermath of the Bank of Canada’s rate decision the ‘Loonie’ broadly softened. The commodity-driven currency held declines over the weekend and could experience moderate movement today as a result of Canadian wholesale sales figures.

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