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Pound falls ahead of inflation report

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Foreign currency report

Pound Sterling

The Pound has halted a two-day advance against the US Dollar as investors take a wait-and-see approach ahead of Wednesday’s Bank of England inflation report. Due to the wait for the inflation report the currency fell despite expectations that an industry report due on Tuesday will show that retail sales expanded at a faster pace in January.

US Dollar

The US Dollar is little changed against most of its peers in a session that promises to be subdued due to a lack of economic data releases. The currency remains under some pressure from last week’s jobs data which showed that the U.S. economy added 113,000 jobs in January, well below expectations for 185,000 new jobs.

The Euro

The Euro is little moved in subdued trading. The currency remains under pressure from events last week which saw the German Constitutional Court rule last week that the European Central Bank’s bond-buying programme may exceed its mandate. The currency was also weighed upon by a report which showed that industrial production in Finland and France was weaker-than-forecast.

Australian Dollar

The ‘Aussie’ fell against the majority of its most traded peers as economists predict that a report due for release later in the week will show that unemployment in the Oceanic nation rose. The currency took a further knock after Toyota Motor Corp. said that it will stop making cars in the country.

New Zealand Dollar

The New Zealand Dollar is little changed against most of its peers as investors mulled over the significance of last week’s weaker-than-expected US jobs report ahead of Federal Reserve chair Janet Yellens inaugural testimony in front of policymakers this week. The currency came under some pressure after a domestic report showed that house prices rose at a slower yearly pace in December.

Canadian Dollar

The Canadian Dollar was little moved against its peers on Monday as it continued to receive support from last week’s positive jobs report. An extra 29,400 jobs were created in January, more than the 20,000 expected by economists.

South African Rand

The Rand continues to struggle as a strike continues in South Africa’s platinum mining sector. Expectations are growing that the strikes could become violent as tensions rise. Poor sentiment in emerging markets is also continuing to weigh.