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US Dollar currency to benefit from a government bond auction

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Pound Sterling

The Pound is little changed against the Euro and US Dollar as economists await the release of the latest UK industrial production data which is expected to show that the sector increased in June. Output is expected to have risen by 0.7%, up from the stagnation recorded in May. The currency is also likely to find support from a separate report that is forecast to show that UK house prices climbed for a sixth consecutive month in July.

US Dollar

The ‘Greenback’ is little moved against its major peers due to a lack of important economic data releases for the US today. Yesterday saw the currency strengthen against its peers following the release of data showing that the nation’s service sector activity grew at its fastest pace in five months.

The Euro

The Euro is close to a seven-week high against the US Dollar ahead of the release of data that is expected to show that German factory orders rebounded in June and the Italian economy shrank at a slower pace. Signs of improvement in the Eurozone are set to support the single currency; so far this year the Euro has strengthened by 5.6%.

Australian Dollar

The Australian Dollar strengthened against all of its most traded peers after the Central Bank dampened expectations of further interest rate reductions after it cut interest rates to a record low level of 2.5%. The cut is the second one made this year and was forecast by the majority of economists.

New Zealand Dollar

The ‘Kiwi’ has made gains against the majority of its peers after the nation’s government said that the country’s economy will not suffer significant harm from the banning of dairy product sales in Russia and China. The currency has also been supported by the rally of its Australian counterpart.

Canadian Dollar

The ‘Loonie’ is little changed against the majority of its peers due to a slow start following yesterday’s national holiday. The only piece of data that is likely to influence the currency’s movement is the release of the latest balance of trade data due later in the session.

South African Rand

The Rand is holding steady against the US Dollar due to traders expecting the currency to benefit from a successful government bond auction due to take place later in the session. The currency is expected to remain range-bound due to a lack of local data, but is likely to make movement later in the week when the latest mining and manufacturing production figures are released

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