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The 'Aussie' recovers some losses as the USD fluctuates

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Foreign currency exchange report

Australian Dollar

While the US Dollar was fluctuating modestly as investors weighed the odds of the Fed opting to taper stimulus, the ‘Aussie’ was able to break free from a recent run of declines and pare losses against the ‘Buck’ and ‘Kiwi’. The Australian Dollar was supported by comments issued by Reserve Bank of Australia Governor Glenn Stevens. The remarks lessened the likelihood of the central bank cutting interest rates in the near future and gave the ‘Aussie’ a boost during Australasian trading.

Pound Sterling

Although the Pound declined against peers like the US Dollar yesterday as UK inflation unexpectedly slowed to a four-year low, the British currency recovered losses overnight as economists looked ahead to today’s UK employment reports. The expectation that the nation’s unemployment rate held at its lowest level since 2009 also helped Sterling edge away from an almost six-week low against the Euro.

US Dollar

As the Federal Open Market Committee policy meeting entered its second day the ‘Greenback’ was holding steady against the majority of its rivals and remained close to a two-year low against the Euro. However, the US Dollar was able to post a notable gain against the safe-haven Yen after Japan’s trade deficit swelled to record levels. Today’s US mortgage applications, building permits and housing starts reports will be of interest, but market movement may be restricted ahead of the FOMC announcement.

The Euro

After economic sentiment in Germany was shown to have soared to a seven-year high the Euro broadly strengthened. The common currency advanced on its US and UK peers and largely retained gains prior to the release of German IFO business climate/current assessment figures.

New Zealand Dollar

The ‘Kiwi’s bullish relationship with its Australian counterpart came to an end overnight as the RBA Governor implied that further stimulus may not be required and New Zealand recorded a larger current account deficit than forecast. Declines were limited however as measures of New Zealand’s activity outlook and business confidence climbed.

Canadian Dollar

The ‘Loonie’ received some support during North American trading as domestic manufacturing shipments rose by 1.0 per cent instead of declining 0.3 per cent as forecast. However, the CAD/USD pairing slipped back to an almost three year low before today’s Canadian wholesale sales report.

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