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Euro soars to highest level in two years against the US Dollar

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The Euro

The Euro soared to its highest level in two years against the US Dollar and reached its highest level of the year so far against the Pound after ECB policy makers pledged further support for the region’s economic recovery. Optimism in the Eurozone rose after a policy maker said that the Central Bank doesn’t see deflation occurring anywhere in the region and if it did occur then the bank was ready to respond.

Pound Sterling

The Pound softened against most of its peers after a report showed that house price growth eased in February. According to the Royal Institution of Chartered Surveyors values fell from 52 to 45. The report also showed that the number of new home buyers increased at the slowest rate in almost a year. Economists blamed the month’s adverse weather for the slowdown.

US Dollar

The US Dollar fell against the majority of its peers as economists forecast that today’s retail sales and jobs data could disappoint, raising concerns that the world’s largest economy is slowing down.

Australian Dollar

The ‘Aussie’ made gains against all of its peers after data released early in the session showed that the number of jobs created by Australian employers rose more than three times the amount forecast by economists. In a report, the Australian Bureau of Statistics said the number of employed people rose by 47,300 in February, exceeding expectations for an increase of 18,000.

New Zealand Dollar

The New Zealand Dollar leapt to a ten-month high against the US Dollar and made gains against the rest of its major peers. The currency climbed after the Reserve Bank of New Zealand raised interest rates and announced that it will end stimulus measures earlier than expected.

Canadian Dollar

The Canadian Dollar fell as concerns over the growth prospects for the Canadian currency waned as poor data from data from China damaged the prospects for the global economy. Also weighing on the currency was the decline in commodity prices.

South African Rand

The Rand firmed slightly against the Dollar early on Thursday as investor sentiment towards emerging markets improved, but the currency held within recent ranges ahead of a slew of domestic data later in the session.Emerging markets received support after economists that the recent selloff had been overdone. The Rand and other emerging market currencies could now see something of a relief rally.

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