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Sterling strengthens further

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Pound Sterling

Yesterday’s unexpectedly impressive UK employment data pushed the Pound close to a four-year high against the US Dollar. The British currency also strengthened against peers like the Euro and Aussie. Sterling may hold its gains over the four-day weekend.

US Dollar

After Federal Reserve Chairman Janet Yellen pledged to support US economic growth the ‘Greenback’ edged lower against several of its most traded currency counterparts. While the Fed is likely to continue with the steady tapering of stimulus, the odds of the central bank increasing interest rates have fallen recently. Today’s US initial jobless claims data could encourage additional US Dollar movement.

Euro

As European markets prepare to close for a four-day break the Euro was trending higher against the US Dollar. However, the common currency consolidated declines against the Pound after the German Producer Price Index came in below expectations.

Australian Dollar

This week’s RBA meeting minutes continue to weigh on the Australian Dollar and the South Pacific currency is set post a five-day decline against its US rival.

New Zealand Dollar

Slowing domestic inflation and a drop in dairy prices pushed the ‘Kiwi’ lower and the currency failed to recover losses even as New Zealand’s consumer confidence gauge showed improvement.

Canadian Dollar

After the Bank of Canada left policy unaltered and intimated that the expected pickup in business investment has yet to happen the Canadian Dollar declined against almost all of its peers. Today’s local inflation report is likely to trigger further ‘Loonie’ volatility.