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ECB Vice President: Eurozone will avoid suffering from deflation

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Major currencies news update at send money home

The Euro

The Euro edged higher against the Pound and other peers after European Central Bank Vice President Vitor Constancio said that the Eurozone will avoid suffering from deflation as the region’s recovery continues. The currency also found support from a report which showed that unemployment in the Eurozone eased slightly in February. According to Eurostat the unemployment rate softened to 11.9% meaning that 18.97 million people across the region are out of work.

Pound Sterling

The Pound is little moved against its major peers due to a lack of domestic economic data releases. Sterling was weakened yesterday by the release of worse-than-expected manufacturing PMI data. The report showed that the sector expanded at its slowest pace in 8-months in March. Due to the lack of domestic data the currency will be influenced by events in the Eurozone and United States.

US Dollar

The US Dollar hit a two-month high against the Japanese Yen as optimism over the US economy improved. The currency is likely to make further gains ahead of the release of a report which is expected to show that the US jobs market improved. The currency remains under pressure from Monday’s comments by Federal Reserve Chairman Janet Yellen who said that the Central Bank’s monetary easing programme will be needed for some time.

Australian Dollar

The ‘Aussie’ softened against the Pound and other major peers after it was weakened by the release of disappointing building approvals data. Official data showed that the number of building approvals in the country fell by 5% in February.

New Zealand Dollar

The New Zealand Dollar declined against the US Dollar today, as investors locked in profits following the ‘Kiwi's’ rally to 31-month highs against the ‘Greenback’, although demand for the US Dollar still remained under pressure. The currency could lose more ground this afternoon if today’s US employment and factory orders data come in strongly.

Canadian Dollar

The Canadian Dollar made a second day of gains yesterday after positive manufacturing data gave investors confidence. The Royal Bank of Canada’s manufacturing PMI climbed in March; the report was the 12th consecutive monthly rise.

South African Rand

The Rand is hovering close to a three-month high after retreating slightly this morning. The currency could see some movement today due to the release of the latest South African consumer confidence report and Eurozone data.

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