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The 'Aussie' edges higher

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Forex update from Send money home

Australian Dollar

The ‘Aussie’ edged higher against several of its most traded peers ahead of Tuesday’s Reserve Bank of Australia interest rate review. Expectations are high that the RBA will choose to keep rates on hold. The currency also found support from Chinese data which came in slightly firmer than economist expectations.

Pound Sterling

The Pound is likely to resume its upward trend against its peers later in today’s session as investors predict that a gauge of manufacturing will show a tenth consecutive month of expansion in the sector. Sterling received some support early in the session after a report showed that house prices in the UK rose by 0.3% in January. Concerns over a potential housing bubble could however temper demand for the Pound.

US Dollar

The US Dollar is trading firmer against the Pound and Euro after it found support from demand for safe haven currencies. Concerns over emerging markets are bolstering demand for havens. The currency could push higher late in the session if today’s ISM manufacturing PMI comes in as expected.

The Euro

The Euro is close to a two-month low against the US Dollar as concerns over the Eurozone’s inflation rate continue to weigh. The currency could recover ground and push higher later in the session if today’s manufacturing PMI data comes in as positively as forecast.

New Zealand Dollar

The New Zealand Dollar managed to make gains against the U.S. Dollar on Monday but gains were held in check as unease over emerging markets continued to support safe haven demand for the ‘Greenback’.

Canadian Dollar

The Canadian Dollar ticked higher against the US Dollar after finding support from last week’s data which showed that the nation’s economy continued to expand at a respectable rate.

South African Rand

The Rand remains under pressure from ongoing concerns over the world’s emerging markets. Against the US Dollar the currency slid to a new five-year low and is likely to fall further this week if concerns persist.

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