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Canada to extend stimulus measures

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Canadian Dollar

The Canadian Dollar fell to a seven-week low against its US counterpart yesterday after Bank of Canada Governor Stephen Poloz said that he would extend the Central Bank’s stimulus measures. The currency managed to recover some ground early this morning as investors increased their bets that the Federal Reserve will choose to delay tapering its monetary easing programme until next year, a move that benefits commodity and emerging market currencies.

Pound Sterling

The Pound is little moved against the US Dollar and Euro as investors await the release of data which is expected to show that manufacturing expansion and house price growth weakened in October. Lloyds Banking Group Plc is also due to release its barometer of UK business report later in the session and is expected to show a slowdown in business activity. Sterling was also weighed upon after Bank of England Governor Mark Carney said that the Central Bank will not reduce its monetary policy until the economy begins to show signs of a sustained recovery.

US Dollar

The US Dollar is holding a three-day gain against the Japanese Yen but is weaker against the majority of its most traded peers on increased speculation that the Federal Reserve will not announce a tapering to its monetary easing programme when it concludes its two-day long policy meeting later today. The currency could find some support if today’s employment and consumer price data comes in better than forecast. Most economists are expecting the reports to show signs that the recent government shutdown has had a negative impact on the world’s largest economy.

The Euro

The Euro is little moved against the Pound and US Dollar but is likely to make gains if today’s wealth of Eurozone centric data shows signs that the single currency region is making progress in its economic recovery. Key data to watch out for is German unemployment, Spanish GDP and Eurozone Consumer and Economic confidence reports.

Australian Dollar

The ‘Aussie’ is trading higher against the Pound and US Dollar as investors increase their expectations that the US Federal Reserve will not announce any plans to begin tapering its $85 billion a month quantitative easing programme. Commodity and emerging market currencies are likely to benefit when the Fed ends its two day long policy meeting later in the session.

New Zealand Dollar

The ‘Kiwi’ initially fell to a four-week low against its peers before making a recovery to trade firmer. The weakness came after Moody’s Investors Service said that it was considering stripping New Zealand of its top credit rating. The currency found support as investors turned their attention to the Federal Reserve’s two-day long policy meeting which ends today.

South African Rand

The Rand steadied against the US Dollar early on Wednesday to trade at mid-October levels as investors wait for the Federal Reserve interest rate decision to set the tone for the rest of the week. Investors are also keeping an eye on labour disputes in South Africa’s troubled mining sector after the AMCU trade union threatened strike action at one of the nation’s major platinum mines.

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