Comparison of money transfer news
The Pound is little changed against the US Dollar after a report showed that UK house prices increased for a seventh-straight month, rising to a new record high in July. Against the Euro, Sterling was also little changed. The currency could see movement ahead of the release of the latest Bank of England minutes for its most recent meeting.
The ‘Greenback’ has strengthened ahead of the release of data that is expected to show that retail sales increased in June and that the US housing market strengthened as the economy continues to improve. The data is expected to show that the purchase of new cars last month increased by its fastest pace since 2007.
The Euro is weaker against the majority of its peers as the currency remains under pressure following last week’s string of poor data releases. The next key piece of data for the single currency comes on Tuesday with the release of the latest Consumer Price Index data. A further sign of weakness in the region’s economy is likely to weigh upon the Euro.
The ‘Aussie’ strengthened against the US Dollar after data showed that the Chinese economy grew by 7.5% in the second quarter of the year, a figure that matched economists’ expectations. The Australian currency also found support from domestic data which showed that new motor vehicle sales jumped by 4% in June, up from the stagnation seen in the previous month.
New Zealand Dollar
The ‘Kiwi’ made gains against Sterling and edged upwards against the US Dollar as the market awaits the release of the latest retail sales data in the USA. Data out of the US has been increasingly important for traders as they weigh up whether the Federal Reserve will start unwinding its stimulus programme this year. Federal Reserve chairman Ben Bernanke is expected to give more guidance in a speech later in the week.
The ‘Loonie’ strengthened slightly against its US relation after making declines at the end of last week. The decline came after data showed that the US economy has stronger growth prospects than its northern neighbour.
South African Rand
The Rand is holding steady against the US Dollar and is expected to remain range bound until Thursday when the South African Central Bank announces its latest interest rate decision. The Bank is expected to maintain the rate at 5%.