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EUR hits 3 week high against USD

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The Euro

While the Euro achieved a three-week high against its US rival during the North American session the common currency continues to trade close to a seven-month low against the Pound. However, with economists forecasting that the ZEW economic sentiment survey for Germany climbed from 42 to 45 in September the Euro could post modest gains in the hours ahead.

Pound Sterling

Prior to the release of UK inflation data the Pound brushed an eight-month high against the US Dollar, but was little changed against the Euro. Today’s report showed that inflation slowed to 2.7 in August, year-on-year, as expected by economists. Although Sterling has been enjoying a bullish relationship with its peers for the last two weeks, with influential data for the US and Eurozone on the cards today Pound fluctuations are likely.

US Dollar

As the Federal Open Market Committee prepares for its highly-anticipated two day policy meeting the US Dollar is trading close to a three-week low against the Euro. After broadly declining yesterday in response to Lawrence Summers unexpectedly bowing out of the race to be the next Federal Reserve Chairman, the safe-haven ‘Greenback’ largely retained losses overnight. While investors will be focusing on the upcoming decision regarding quantitative easing, US Dollar movement could occur today following the publication of US inflation data.

Australian Dollar

With the minutes from the latest Reserve Bank of Australia policy meeting reiterating the positive impact a weaker currency would have on the domestic economy the ‘Aussie’ softened against several of its most traded rivals during the local session. While declines against the ‘Greenback’ were limited ahead of the Federal Reserve meeting the Australian Dollar shed yesterday’s gain against its New Zealand counterpart.

New Zealand Dollar

In the aftermath of the publication of minutes from the RBA policy meeting the New Zealand Dollar advanced on the ‘Aussie’. The minutes reinforced the different stances being adopted by the neighbouring central banks and helped the ‘Kiwi’ achieve a high of 0.8189 against its US peer.

Canadian Dollar

Yesterday the ‘Loonie’ rallied against the US Dollar as Federal Reserve concerns weakened its safe-haven rival. The Canadian Dollar also benefited from the news that domestic existing home sales surged in August. Although today’s Canadian manufacturing shipments report will be of interest, ‘Loonie’ volatility is most likely to be inspired by news from the US.

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