Compae money transfer Currency update
The Pound is little changed against the US Dollar ahead of the release of data which is expected to show that UK unemployment claims fell for a ninth consecutive month in July. Against the Euro, Sterling is hovering close to a five-week high.
The ‘Greenback’ made gains against the majority of its most traded peers after retail sales rose for a fourth month in July. The currency also found support from comments made by Federal Reserve Bank of Atlanta President Dennis Lockhart who said that the Central Bank’s policy makers may start to slow its asset buying programme in September.
The Euro has strengthened for a third day straight against the Japanese Yen ahead of the release of data which is expected to show that the Eurozone economy exited recession in the last quarter. The single currency advanced against all except two of its 16 major counterparts after reports showed German and French GDP rose more in the second quarter than economists had forecast.
The ‘Aussie’ fell against its New Zealand counterpart as data on wages and consumer spending reinforced speculation that the two Oceanic countries’ economies are diverging. The recorded wage gain was the lowest since December 2009.
New Zealand Dollar
The ‘Kiwi’ is lower against the ‘Greenback’ after it lost ground overnight on the upbeat US retail sales data. The New Zealand currency found support from improved domestic retail sales data.
The ‘Loonie’ weakened for a second day against its US counterpart following the release of US retail sales data. The data has added to signs that the Canadian economy is falling behind its biggest trade partner. The currency was also knocked by data showing that 39,400 jobs were lost in July, economists had expected a rise of 10,000.
South African Rand
The Rand is holding steady against the US Dollar and is trading below the psychologically important 10 Rand level. The currency weakened yesterday following the murder of a mine employee in the north of the country. The incident renewed fears that the mining sector will see further unrest.