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Dollar shoots to highest level in four weeks

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Pound Sterling

The Pound has ended a three-day decline against the US Dollar after data showed that British consumer confidence rose to its highest-level in four years and house prices increased. According to the GfK Consumer Confidence survey, UK shoppers are feeling more optimistic about the UK economy with the index rising to -13 from the -16 recorded in July. The currency also found some support after the UK parliament voted against taking military action in Syria for the time being, reducing demand for safe havens.

US Dollar

The ‘Greenback’ rose to the highest-level in four weeks after data showed that US economic growth accelerated and jobless claims declined. The positive data supported the case for the Federal Reserve to begin tapering its stimulus programme as soon as next month.

The Euro

The Euro is hovering close to two-week lows against the US Dollar following the release of upbeat economic reports out of the States. The upbeat data supported the ‘Greenback’ at the expense of the single currency. Soft data out of Germany weighed upon the Euro and speculation that Greece will require a third bailout package in 2014 damaged demand.

The ‘Aussie’

The ‘Aussie’ is set to end the week at its longest monthly losing streak in more than four years due to the USA posting positive GDP data which increased expectations for the Federal Reserve to reduce its monetary stimulus programme. Against the US Dollar it managed to hold its ground after technical indicators signalled that the currency’s decline may be too rapid.

New Zealand Dollar

The ‘Kiwi’ is on course to make a 2.5% decline this month due to the currency being impacted by the heavy sell-off of emerging market currencies. The currency was softened by data showing that permits for dwellings in the country declined by 0.8% in July.

Canadian Dollar

The ‘Loonie’ has fallen to its lowest level this week ahead of the release of data which is expected to show that the nation’s economy shrank in June by the biggest margin since 2009. The positive data out of the US also weighed upon the ‘Loonie’ as concern mounts that the two North American economies are diverging.

South African Rand

The Rand fell against the US Dollar as investor attention returns to the USA and whether the Federal Reserve will choose to taper its monetary easing programme next month. The currency also continues to be weigh on by growing concerns over further labour unrest in the country as thousands of workers prepare to begin strike action next week.

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