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The Aussie falls to three year low against the Dollar

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Pound Sterling

The Pound is little changed against the US Dollar ahead of the release of a government report that economists expect will show that UK manufacturing production contracted in April for the first time in three-months. Sterling is also little changed against the Euro. The data is expected to show that manufacturing contracted by 0.2% in April, down from the previous month’s expansion of 1.1%. If the data turns out to show that the sector actually expanded then the Pound will rise against its peers.

US Dollar

The ‘Greenback’ strengthened against the Japanese Yen and other major currencies yesterday as the currency continues to benefit from last week’s strong jobs data. Speculation remains high that the Federal Reserve could soon scale back its monetary stimulus programme. Economists however are warning that the uncertain stance on US monetary policy could leave the ‘Greenback’ vulnerable to weak US data releases.

The Euro

The Euro strengthened against the Pound and a number of its most traded peers as optimism increases that the Eurozone economy is improving. Investor confidence in the region showed signs of improvement and comments made French President Francois Hollande that the Euro crisis is over helped bolster the single currency.

Australian Dollar

The ‘Aussie’ has fallen to its lowest-level in almost three years against the US Dollar after home-loan approvals in Australia advanced at their slowest pace in three months. The data lends support to calls for the Reserve Bank of Australia to make further interest rate cuts.

The Australian economy is showing signs of a slowdown and has not been helped by worse-than-expected data releases from its biggest trading partner, China. Calls from the central bank for the ‘Aussie’ to weaken further have also weighed on the currency.

New Zealand Dollar

The ‘Kiwi’ has pared gains against the Japanese Yen after the Bank of Japan chose to maintain the size of its asset purchase programme, a move that disappointed some investors who had been wanting more stimulus measures. The ‘Kiwi’ has weakened against the majority of its peers as investors choose the US Dollar over its New Zealand relation.

Canadian Dollar

The ‘Loonie’ strengthened against the majority of its most traded peers after new-home construction in Canada increased at its fastest pace in more than a year. Against the US Dollar the ‘Loonie’ is little changed as it continues to ride high after last week’s strong jobs data release.

South African Rand

The Rand declined by more than ten cents against the US Dollar yesterday after weaker-than-expected Chinese data weighed upon commodity based currencies. The currency remains vulnerable to possible labour unrest and the ongoing weakness in the Eurozone.

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