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Australian Dollar gains momentum

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Pound Sterling

The Pound edged higher against the Euro and is trading close to its highest-level in eight-months against the US Dollar. Sterling could make further gains if data confirms that the UK economy expanded by 0.7% in the second quarter of the year.

US Dollar

The ‘Greenback’ has retreated slightly against the Pound and Euro as investors remain cautious due to the ongoing uncertainty over the future of the Federal Reserve’s stimulus programme and as worries over the US budget linger. The final reading of the USA’s second quarter GDP is due later in the day. If the data comes in stronger-than-expected, speculation is likely to increase that the Federal Reserve could announce a stimulus reduction before the end of the year.

The Euro

The Euro managed to rally against the US Dollar due to yesterday’s data supporting signs that the Eurozone economy is recovering. The single currency also made gains against the majority of its peers after consumer confidence in Germany increased more-than-expected.

Australian Dollar

The ‘Aussie’ is trading higher against the US Dollar and recovered some of yesterday’s losses after the US currency came under pressure from weaker economic data and worries over US government budget negotiations. The currency found support in Asian trading after Japan revealed that it may cut corporation tax soon.

New Zealand Dollar

The ‘Kiwi’ is little changed due to investors continuing to deal with the gloomy sentiment hanging over the market. The unease is a result of the Federal Reserve's decision not to slow asset purchases last week. Traders are in a holding pattern after the US Central Bank decided against tapering its $85 billion monthly bond-buying programme.

Canadian Dollar

The Canadian Dollar is little changed against its US relation as worries over the possibility of a US government shutdown weigh upon market sentiment. The US government is also due to hit its debt ceiling in October. The Canadian currency could find support later in the session after a national bank improved its forecast for Canadian economic growth in the third quarter of the year.

South African Rand

The Rand is holding steady against the US Dollar but is likely to come under pressure later in the session if today’s producer price data hints that inflationary pressures are building in the South African economy.

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