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Safe haven Dollar strengthens

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Sending money home currencies update

Pound Sterling

The Pound fell to its lowest level since 15th March yesterday after data showed that UK unemployment rose at its fastest pace in more than a year and wage rises slowed. Sterling is little changed today as investors await the release of the latest retail sales data. The data is expected to show that sales declined in March as fuel sales declined by 0.6%.

US Dollar

The ‘Greenback’ has strengthened against the Japanese Yen due to a successful bond auction in the Asian nation and as investors look for more attractive higher yielding assets. Against the majority of its peers the Dollar strengthened as investors seek safe havens after stocks on Wall Street took steep losses and as uncertainty in the Eurozone causes concern.

The Euro

The Euro weakened against most of its peers yesterday due to a broad sell-off across the financial markets and with expectations rising that the European Central Bank may decide to cut its benchmark interest rate to try and prompt growth in the struggling Eurozone. Today, the single currency has recovered some of its losses rising against the Pound and edging upwards against the US Dollar.

Australian Dollar

The ‘Aussie’ has hit a five-week low against the US Dollar as the weak Chinese data released at the start of the week continues to drag down upon the currency. The currency could see some support tonight as Italy’s parliament attempts to break the stalemate and vote for a new Prime Minister.

New Zealand Dollar

The ‘Kiwi’ was little changed as investors cash in gains as they grow uncertain over the direction of the global financial markets. The impact of the disappointing data out of China at the start of the week has caused traders to remain nervous and seek safe havens elsewhere.

Canadian Dollar

The ‘Loonie’ fell to its weakest level in a month against its US relation after the Bank of Canada reduced its growth forecast for the year and said that weakness in the economy will last for at least the next two years. The continuing fall in the price of the country’s biggest export of crude oil is also weighing down upon the currency.

South African Rand

The Rand has weakened due to CPI data showing that inflation in South Africa remained unchanged. The currency is lacking in momentum with traders expecting any movement to be caused from events in the Eurozone and elsewhere.

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