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The Pound hits four year high against the Dollar

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Compared FX currency report

Pound Sterling

The Pound hit a four-year high against the US Dollar after a report showed that UK house prices increased this month. Sterling also pushed beyond a one-year high against the Euro. The currency also made gains against the rest of its most traded peers as expectations also increased that the Bank of England will increase interest rates sooner-than-expected.

US Dollar

The US Dollar tumbled against the majority of its most traded peers as last week’s weaker-than- expected economic data weighed heavily and as speculation increased that the Federal Reserve may consider cutting its quantitative easing programme at a slower pace. The US market is closed today for the President’s Day holiday.

The Euro

The Euro fell to its lowest-level in over a year on Monday against the Pound as investors remain concerned over the threat of deflation in the Eurozone and as ECB President Maio Draghi suggested that he will take action to counter the threat as soon as next month. His comments raised worries that the ECB could introduce negative rates.

Australian Dollar

The ‘Aussie’ rose to its highest-level in over a month against the US Dollar after data out of China increased demand for riskier assets. Data released last week and over the weekend showed that the world’s second largest economy is continuing to grow.

New Zealand Dollar

The New Zealand Dollar followed its Australian relation to a one-month high against the ‘Greenback’. A report which showed that retail sales grew less-than-expected in the final quarter of 2013 did little to spook investors away from the ‘Kiwi’.

Canadian Dollar

The Canadian Dollar is weaker against most of its peers as concerns over a possible slowdown in the US economy dragged on the ‘Loonie’. With the USA being Canada’s biggest trading partner any hint of a slowdown is negative for the Canadian currency.

South African Rand

The Rand is trading close to its highest-level in nearly four-weeks after extending gains made at the end of last week, as the US Dollar struggles and sentiment towards emerging markets improved. Upbeat data out of China settled investor worries that the world’s second largest economy is slowing down. The data lifted demand for riskier assets.