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Euro edges up on the Dollar

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The Euro

The Euro edged higher against the US Dollar as concerns over a possible military strike against Syria eased and as last week’s disappointing jobs data out of the US continued to weigh upon the ‘Greenback’. Today is relatively quiet in terms of data releases with Italy’s GDP data being the most important.

Pound Sterling

The Pound is little moved against the Euro and US Dollar despite the latest House-Price Index data coming in at its highest level since 2006. The index increased to 40 from a revised 37 in July as demand rose to a record high. Sterling softened as demand for riskier assets improved after Russia intervened in the Syria crisis by saying it will try to get the Assad regime to surrender its chemical weapons to the international community.

US Dollar

The ‘Greenback’ has softened against the majority of its peers after sentiment for riskier assets improved after U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control. The ‘Greenback’ also remains weighed down by last week’s disappointing jobs data.

The ‘Aussie’

The ‘Aussie’ has risen to a six-week high against many of its peers due to a post-election rise and as business confidence in the country surged. According to the National Australia Bank's monthly survey business confidence in August rose to its strongest level since May 2011 after the conservative Liberal-National coalition won the weekends election. The currency is also receiving support from the better-than-expected data out of China.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation higher due to the release of strong retail sales data and the positive business confidence data out of Australia. The currency also found support from increased demand for riskier assets.

Canadian Dollar

The Canadian Dollar climbed to its highest level in almost three-weeks after building permits rose to a record high in July, adding to signs that the economy is gaining momentum. The currency was softened slightly however after the price of oil weakened as fears over possible military action in Syria eased.

South African Rand

The Rand fell against the US Dollar after investors grew increasingly concerned about upcoming data releases. The Rand is trading near its strongest-level in a month but its strong two-day long rally has been interrupted by concerns over South Africa's widening current account gap, which has previously harmed the Rand. Economists are predicting that the deficit will widen further to 5.95% of GDP.

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