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Will World Central Banks quantitative easing boost economic growth?

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Pound Sterling

The Pound slipped against the US Dollar as investor appetite for risk waned and some took profits on Sterling’s recent 4-1/2 month high rally. Yesterday’s release of the Bank of England’s minutes for its September meeting showed that all nine policymakers voted to maintain the current interest rate and the amount of quantitative easing. The outcome was expected by the markets and had little impact on the currency. The Pound’s decline is a result of a decline in the attractiveness of perceived riskier currencies such as the Euro and to a lesser extent Sterling.

Currently the Pound is trading in the region of 1.247 against the Euro and 1.618 against the US Dollar.

US Dollar

The ‘Greenback’ continues to strengthen against a basket of its peers due to demand for safe haven currencies increasing. The situation in Europe and worries of a slowdown in China has spooked the markets causing traders to seek a safer option. Confidence that European leaders will be able to come to a decisive agreement over the next steps in ending the Euro-crisis has waned.

Currently the US Dollar is trading in the region of 0.617 against the Pound and 0.770 against the Euro.

The Euro
The Euro has continued its decline against the Dollar after Markit released its latest flash PMI for France. It showed that the country's private sector output suffered its sharpest decline since April 2009. In September, output fell to 44.1 from 48 in August, marking a 41-month low.

Services activity dropped to 46.1 from 49.2 and manufacturing declined to 42.6 from 46. The markets are predicting that the PMI’s for the other Eurozone members will be just as disappointing, damaging demand for the currency.

Currently the Euro is trading in the region of 0.801 against the British Pound and 1.297 against the US Dollar.

Australian Dollar

The ‘Aussie’ has fallen to its lowest level for a month after a report on the state of Chinese manufacturing showed that output could contract for the 11th month in a row. The data has cast doubt over the prospects for the South Pacific nation’s resource exports. Australia relies on the export of raw materials to China and as a result the currency weakened against all of its 16 counterparts. The ‘Aussie’ is expected to weaken further as the markets await the outcome of the latest PMI reports for Europe. A worse-than-expected showing could see further flight from the riskier currencies towards the safe haven US Dollar.

Currently the Australian Dollar is trading in the region of 0.641 against the Pound, 0.799 against the Euro and 1.040 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ initially made gains against the US Dollar and Japanese Yen after data showed that the country’s GDP rose by 2.6% in the three months from April to June, its fastest pace for two years. The gains were short-lived however as the currency then followed its Australian relation downwards due to the lessening demand for riskier currencies and worries from China.

Currently the New Zealand Dollar is trading in the region of 0.508 against the Pound, 0.633 against the Euro and 0.821 against the US Dollar.

Canadian Dollar

The ‘Loonie’ has followed the pattern of the other commodity based currencies by sliding downwards against the majority of its peers. The drop comes after the price of the country’s biggest export; crude oil fell for a third day in a row. Scepticism over whether the World’s Central Banks quantitative easing will have any impact on boosting economic growth has also added to the waning demand in perceived riskier currencies.

Currently the Canadian Dollar is trading in the region of 0.631 against the Pound, 0.786 against the Euro and 1.021 against the US Dollar

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