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Pound edging towards a 1 year high on the Euro

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Send Money Home Currency update

Pound Sterling

The Pound remains close to a one-year high against the Euro in a quiet news day. Sterling was little moved against the US Dollar. Investors are looking ahead to Tuesday’s retail and inflation data releases which many believe will show that retails sales rose in December and inflation quickened, if so then the Pound will likely push higher against its peers.

US Dollar

The US Dollar fell to a one-month low against the Japanese Yen following last week’s weaker-than-expected US jobs report. The data caused investors to reassess their expectations on the timing of further cuts to the Federal Reserve’s stimulus programme. There is little data due for release today so investors will be looking ahead to tomorrow’s US retail, business confidence and IPI reports.

The Euro

The Euro remains close to a yearly low against the Pound after remaining under pressure following last week’s comments by European Central Bank President Mario Draghi who reiterated his pledge to maintain a loose monetary policy. Weak inflation data and disappointing unemployment figures also continue to weigh upon the single currency.

Australian Dollar

The ‘Aussie’ climbed to a one-month against the US Dollar and recovered ground against the Pound and Euro due to speculation that a data report due on Thursday will show that the number of new jobs created in Australia rose for a second consecutive month. The currency also found support from a home loans report which came in better-than-expected.

New Zealand Dollar

The New Zealand Dollar is on the rise against many of its peers as economists predict that the ‘Kiwi’ will reach parity with its Australian relation sometime this year. Whilst the Australian economy is weakening the New Zealand economy is thriving. The economy’s upward spiral is being attributed to high dairy prices, low interest rates and a construction boom in post-earthquake Christchurch.

Canadian Dollar

The Canadian Dollar is weaker against the majority of its most traded peers following last week’s disappointing employment report. The data showed that the economy lost 46,000 jobs and unemployment climbed to 7.2%.

South African Rand

The South African Rand is weaker against the Pound and is trading close to a five-year low against the US Dollar as investors expect Tuesday’s mining production data to show a decline. Strikes in 2013 and ongoing disputes have affected output which in turn has weakened the nation’s economy and currency.

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