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Euro continuing its gains on the USD

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Daily Currency update

The Euro

The Euro is hovering close to a five-week high against the US Dollar after comments made by European Central Bank governor Mario Draghi continued to support the currency. He said that the bank held 2013 growth expectations at -0.4% and raised its 2014 forecast to 1.1% expansion from 1%.

Pound Sterling

The Pound is on track to make its biggest weekly decline against the Euro since October after the Bank of England maintained interest rates at the record low level of 0.5% and the ECB gave no hint that it was planning the implementation of negative rates. The pound slid to one-week lows against the U.S. Dollar following the release of strong U.S. economic reports which supported demand for the ‘Greenback’.

US Dollar

The US Dollar found support against the Pound after data showed that GDP in the world’s largest economy expanded by 3.6% in the third quarter. In a separate report the U.S. Department of Labour said the number of individuals filing for initial jobless benefits last week fell by 23,000 to a seasonally adjusted 298,000, from 321,000 in the previous week which was revised up from 316,000.

Australian Dollar

The ‘Aussie’ is set to make another weekly decline against the Pound after it was sent tumbling in the wake of yesterday’s trade deficit data. Australia posted a seasonally adjusted trade deficit of $529 million in October, compared with a downwardly revised deficit of $271 million in September. The figure was wider than analysts' expectations of a deficit of $300 million.

New Zealand Dollar

The ‘Kiwi’ is heading for a 1.4% weekly gain against its Australian counterpart as the divergence between the neighbouring economies becomes clearer. Economic data this week has reinforced the view that while New Zealand's economic recovery takes hold, Australian growth is stalling.

Canadian Dollar

The Canadian Dollar appreciated for the first time in five days, rising from a more than three-year low, due to speculation that employment growth data may suggest stronger economic improvement than the Bank of Canada initially indicated. The jobs data is due for release in the afternoon.

South African Rand

The Rand saw no movement as a result of the death of Nelson Mandela. Instead the currency is expected to move in the afternoon when key US employment figures are released. The currency breached the R10.5000/$-level, its lowest in nearly five years earlier in the week as investors fled risky assets in anticipation of a scaling back of US quantitative easing.

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