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US economy showing signs of a slow down

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Sendmoneyhome.co.uk currency update

Pound Sterling

The Pound dropped against the Dollar coming close to its lowest level in a fortnight as investors await the release of a report that is expected to show that Britain’s budget deficit narrowed in March compared to the previous year. Against the Euro, Sterling is little changed. The Pound could be supported if a report by the British Confederation of British Industry shows that manufacturing orders declined at a slower pace in April.

US Dollar

The ‘Greenback’ weakened against its peers and has fallen just short of the 100 Yen level. The currency’s decline came after the US released disappointing housing data which raised fears over a decline in the world’s largest economy. Existing home-sales fell by 0.6% in March compared to the previous month. Economists had been expecting a rise by 0.8%.

The Euro

The Euro has weakened against the US Dollar and Pound due to the release of weaker than expecting manufacturing data out of China adding to concerns over the outlook for global growth. Weak PMI data out of the Eurozone itself also dragged upon the currency. Germany in particular disappointed investors after its manufacturing PMI fell to 47.9 from 49.

Australian Dollar

The ‘Aussie’ has fallen to a six-week low due to the weaker than expected PMI data out of China. HSBC's preliminary purchasing managers' index came out at 50.5 for April compared with a final reading of 51.6 for March. A score above 50 indicates an expansion in manufacturing activity. The data added to the currency’s declines after it suffered from a tumble in commodity prices last week.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation downwards due to the Chinese PMI data. The next piece of important data for New Zealand is due on Wednesday where the nation’s Reserve Bank is expected to maintain interest rates at the record-low level of 2.5%.

Canadian Dollar

The ‘Loonie’ has weakened against the US Dollar due to a decline in commodity based currencies caused by China’s disappointing PMI data.

South African Rand

The Rand has continued to decline against the US Dollar after economic data disappointed the markets and violence returned to South Africa’s troubled mining sector. The currency is also being dragged down by threats from electricity company Eskom that have warned that it is preparing to introduce blackouts in the winter to prevent a complete collapse of the nations power grid. The weaker-than-expected data out of China has also had a negative impact on the Rand.

Sendmoneyhome.co.uk currency update