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Surprise hiccup for world's second largest economy

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Sendmoneyhome.co.uk currency update

Pound Sterling

The Pound has made gains against the Euro due to an industry report showing that UK home sellers raised asking prices in April for a fourth consecutive month as a shortage of properties nationwide caused property values to rise. Against the US Dollar, Sterling weakened for a second consecutive day as the prices rose less than economists had been expecting. Against the commodity based currencies the Pound has strengthened following disappointing data out of China and the US.

US Dollar

The ‘Greenback’ has strengthened against the majority of its commodity based peers after China posted weaker-than-expected data. The world’s second largest economy has seen its recovery unexpectedly stumble as its growth rate eased to 7.7%. Economists had been forecasting a rise of 8%. Negative data out of the US added to commodity woes as US consumer sentiment and retail sales both posted an unexpected decline.

The Euro

The Euro has weakened against the US Dollar and the Pound but strengthened against commodity based currencies. The declines came as investors sought safe-havens following disappointing data out of China and the US. Continuing worries over the Eurozone economy also continue to weigh upon the single currency.

Australian Dollar

The ‘Aussie’ has fallen sharply against the majority of its peers following China’s release of disappointing GDP data. The currencies sharp decline highlights Australia’s hyper-sensitivity to events in its biggest trading partner. The movement has caused economists to argue that it increases the likelihood of a further interest rate cut this year.

New Zealand Dollar

The ‘Kiwi’has followed its Australian relation downward and is trading sharply lower following China’s weaker-than-expected GDP data. The next major domestic event for the New Zealand Dollar is inflation data due Wednesday.

Canadian Dollar

The ‘Loonie’ has fallen sharply against the US Dollar after the currency followed the trend of commodity based assets making a sharp decline. The data from China and the decline in US retail sales added to its decline.

South African Rand

The Rand has weakened past the psychologically important R9 level against the US Dollar as disappointing Chinese growth data weighed on the global markets. The Rand is expected to weaken further over the course of the session as worries over Europe added to risk aversion.

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