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Risk aversion in the Eurozone boosts Greenback

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Pound Sterling

The Pound has weakened against the US Dollar as economists wait for the release of a report which is expected to show that consumer price inflation in the UK increased in May, the first increase since February. The Office for National Statistics is expected to say that the inflation rate climbed to 2.6% in May, up from the 2.4% recorded in April.

US Dollar

The ‘Greenback’ has strengthened against the Euro and Sterling as investors favour the safe haven currency. Bad news out of Europe regarding new car sales and comments made by European Central Bank President Mario Draghi created risk aversion in the Eurozone.

Draghi told economists that the Central Bank is considering further non-standard monetary policy tools and will deploy them if the Eurozone shows continuing signs of decline.

Against the Japanese Yen the ‘Greenback’ strengthened for a second day as investors await the outcome of the Federal Reserve’s two-day policy meeting, which could increase speculation that it is considering tapering its monetary easing programme.

The Euro

The Euro weakened against the US Dollar and a number of major peers after the association of European car makers reported that car sales across the European Union slumped by 5.9% in May. The data showed sharp falls in demand in many key European markets. New car sales fell 10.4% in France, 9.9% in Germany, and 8% in Italy supporting the belief that the Eurozone’s problems are far from over, In Cyprus sales crashed by 41.4%.

Australian Dollar

The ‘Aussie’ fell against all of its most traded peers after the Reserve Bank of Australia indicated that the currency may weaken further. Against the US Dollar the ‘Aussie’ fell for a third day as the markets take a wait and see approach as the US Federal Reserve begins its two day policy meeting.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation downward as investors await the outcome of the Federal Reserve’s two day policy meeting. The currency could find some support tomorrow if data shows that New Zealand’s current account deficit narrowed to $600 million in the first quarter of 2013.

Canadian Dollar

The ‘Loonie’ erased gains made against the U.S. dollar Monday after reports suggested that Federal Reserve Chairman Ben Bernanke is likely to soon signal that an improving U.S. economy will allow for a tapering of the central bank's bond-buying program.

South African Rand

The Rand is softer against the US Dollar. It is hovering around the key R10 level as the South African markets reopened after a long holiday weekend. The currency looks likely to weaken further if the latest employment data shows signs of decline.