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Send Money Home Daily Currency update

Pound Sterling

Sterling recovered from a three-week low against the Euro late yesterday after traders increased demand for the UK currency. Its rise was limited however by expectations that the European Central Bank will soon take action to limit the Euro debt crisis. The Pound also made a slight gain against the US Dollar.
The markets are in a holding pattern ahead of tomorrow’s Federal Reserve speech with all eyes on Fed chairman Ben Bernanke. If he decides to implement further monetary easing then we can expect the majority of currencies to shift direction.

Currently the Pound is trading in the region of 1.261 against the Euro and 1.583 against the US Dollar.

US Dollar

The US Dollar made gains yesterday after the release of better-than-expected economic data. The data helped reverse some of the losses against the Euro before dipping again thanks to lessening demand for safe havens.
The Dollar also made gains against the Japanese Yen rising to 78.70 yen from 78.49 yen. ‘Cable’ also got a boost when the US government said second quarter growth was 1.7 percent higher than the original 1.5 percent estimate.

Currently the US Dollar is trading in the region of 0.631 against the British Pound and 0.796 against the Euro.

The Euro

The Euro has edged higher against the Dollar after finding support ahead of tomorrow’s speech by US Federal Reserve Chairman Ben Bernanke. The Euro has also been supported by hopes that the European Central Bank will unveil concrete plans next week to help bring down crippling borrowing costs in Spain and Italy.

Currently the Euro is trading in the region of 1.255 against the US Dollar and 0.794 against the British Pound.

Australian Dollar

The ‘Aussie’ has fallen against a basket of currencies after another sharp fall in iron ore prices raised fears that the country’s mining boom is coming to an end. Disappointing construction data has also weighed down on the currency. Poor data out of China has also raised concerns on the stability of the ‘Aussie’ Dollar as the nation’s biggest trade partner continues to post disappointing economic data.

Currently the Australian Dollar is trading in the region of 0.652 against the Pound, 0.823 against the Euro and 1.033 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has made gains against its Australian cousin thanks to falling demand in new construction projects and growing fears that the Australian mining boom is coming to an end. The New Zealand Dollar fell against the Japanese Yen and weakened against the US Dollar after reports out of the USA showed that gross domestic product grew more than previously estimated in the second quarter and pending home sales in July exceeded forecasts.

Currently the New Zealand Dollar is trading in the region of 0.506 against the Pound, 0.801 against the US Dollar and 0.639 against the Euro.

Canadian Dollar

The ‘Loonie’ has made gains against the US Dollar and the majority of its most-traded counterparts after the economy of the USA, Canada’s biggest trade partner, grew more than expected in the second quarter. The ‘Loonie’ remained trading close to a four-month high against the ‘Greenback’ as demand for the riskier commodity based currency rose as optimism remained steady in the Eurozone.

Currently the Canadian Dollar is trading in the region of 0.804 against the Euro, 1.009 against the US Dollar and 0.638 against the British Pound