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Australian Dollar

The ‘Aussie’ soared to its highest level since June against the US Dollar after Australian policy makers refrained from saying that a weaker currency would support the nation’s economy. The Reserve Bank of Australia also held off raising interest rates which benefitted the currency.

Pound Sterling

The Pound is little changed as investors await the release of data which is expected to show that inflation in the UK slowed in September. Against the Euro, Sterling remains close to a six-week low after yesterday saw the release of positive industrial output data out of the Eurozone. Against the US Dollar the Pound softened slightly as investors raised their bets that US politicians will make a deal on raising the debt ceiling.

US Dollar

The US Dollar has weakened against higher yielding currencies such as the Australian Dollar after the equity markets signalled their optimism that a deal will be reached over the rapidly approaching debt ceiling deadline. Hope of a deal was ignited after Senate Majority Leader Harry Reid said that ‘tremendous progress’ had been made regarding a deal. If an agreement to raise the government borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.

The Euro

The Euro is little changed against the Pound and US Dollar as investors remain cautious ahead of Thursday’s debt ceiling deadline. Hopes of a deal kept the US currency supported against the Euro. The single currency benefitted early in the session after data out of Germany showed that the Eurozone’s biggest economy saw an improvement in its Import Price Index. Also supporting the currency was the news that both Ireland and Spain will soon be weaned off aid and that Greece will be able to pay its bills.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation higher against its peers as investors favour higher yielding assets ahead of the approaching US debt ceiling deadline and as Australia left open the option to cut interest rates. Data due for release on Wednesday is expected to show that consumer prices in New Zealand increased at an annual pace of 1.3%, the first time the rate has gone above the Central Bank’s target in months.

Canadian Dollar

The Canadian Dollar edged slightly higher against its US relation as optimism that a deal will be made to end the uncertainty over the debt ceiling will be made before Thursday’s deadline. The currency also benefitted from increased demand for higher yielding assets. The ‘Loonie’ could weaken later in the session however as the value of Crude oil declined for a third-day ahead of talks with Iran over its nuclear programme. An easing of sanctions against Iran could see oil exports increase out of the Persian Gulf.

South African Rand

The Rand is trading steadily against the US Dollar as the ongoing negotiations over the US Debt ceiling remain the key driver of sentiment due to the lack of South African news.

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