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Daily Currency update

Pound Sterling
The Pound has begun the week trading lower against a basket of currencies following the losses it suffered on Friday. Weak economic data from China has eased demand for perceived riskier currencies, but the losses were limited due to the Bank of England’s stance that it would not cut interest rates. Sterling rose against the Euro as worries are creeping in once more over the troubles in the Eurozone.
The single currency was down 0.1 percent at 78.56 pence, dragged lower as European stocks went into reverse after a five-day run of gains on the back of the below-forecast Chinese data. Sterling has been falling against the Dollar and the Euro in recent weeks as the UK economic outlook has deteriorated and after BoE minutes showed policymakers debated a possible interest rate cut last month.
The Pound is currently trading in the region of 1.275 against the Euro and 1.566 against the US Dollar.

US Dollar

The US Dollar has made gains against a basket of currencies as concerns over the state of the global economy weigh on economies across the world. The worries have boosted demand for the safe haven currencies of the Dollar and Japanese Yen. The ‘Greenback’ has maintained four days of gains against the Euro and is expected to continue to do so as GDP out of France and Germany is expected to be worse than predicted.
The US Dollar is currently trading in the region of 0.814 against the Euro and 0.638 against the British Pound.

The Euro

The Euro has edged slightly higher against the US Dollar thanks to the hope that the European Central Bank will soon take action to ease the Euro zones sovereign debt crisis. After hitting a one-month high last week the single currency remains supported by expectations that the ECB will put in place measures to lower crippling borrowing costs for countries such as Spain and Italy as soon as next month. The single currency edged up 0.1 percent to $1.2290.

The Euro has gained some reprieve after falling to a two-year low of $1.2042 in late July, and hit a one-month high of $1.2444 last Monday. It is predicted that Gross domestic product across the Euro zone has fallen by 0.2% in the second quarter of the year down from the 0% predicted by analysts.

The Euro is currently trading in the region of 0.784 against the British Pound, 1.228 against the US Dollar and 0.784 against the British Pound.
Australian Dollar

Doubts over the health of the global economy have risen to the forefront of investors’ minds causing the Australian Dollar to weaken against 14 of its 16 major counterparts. The ‘Aussie’ is struggling to maintain its gains against the US Dollar as demand for safe havens increase. Investors are remaining cautious following the release of disappointing economic data out of the Asian economies of Japan and China. The Japanese data showed that its GDP had grown by just 0.3% in the second quarter of the year. Despite the concerns over the slowing global economy the Aussie remained close to its all-time high against the Euro.

Currently the Aussie is trading in the region of 0.858 against the Euro, 1.054 against the US Dollar and 0.673 against the British Pound.

New Zealand Dollar

The ‘Kiwi’ has followed a similar pattern to its Australian neighbour with the disappointing economic data from Asia lessening demand for the commodity based currency. The currency is set to move in either direction as the markets await the release of tomorrow’s second-quarter retail sales data.

The currency could have a boost if the price of milk strengthens; a stronger milk price will likely give the ‘Kiwi’ a lift as higher dairy prices are a massive net income boost for the New Zealand economy. The ongoing concerns over the Euro crisis however could see a drag on the currency as risk appetite wavers over the lack of action by the ECB.

Currently the New Zealand Dollar is trading in the region of 0.660 against the Euro, 0.8109 against the US Dollar and 0.517 against the British Pound.

Canadian Dollar
The ‘Loonie’ is maintaining its parity with the US Dollar after reversing the losses it suffered on Friday following the release of weak domestic jobs data. Expectations have now dimmed for the Bank of Canada to raise interest rates. The Canadian currency sank to a session low of C$0.9970 against the US dollar, or $1.0030, after data showed the economy lost 30,400 jobs in July in a third disappointing month for the labour market. Currently the Canadian Dollar is trading in the region of 1.007 against the US Dollar, 0.821 against the Euro and 0.643 against the British Pound

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