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Government shutdown weighing heavy on the Dollar

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Daily Currency update

Pound Sterling

The Pound advanced against the riskier currencies such as the Australian and New Zealand Dollars as concerns over the continuing shutdown of the US Federal government weighs upon sentiment. Against the Euro and US Dollar the Pound retreated slightly from multi-month highs but is holding firm ahead of the release of the latest Construction PMI data which is expected to show further signs of improvement. The currency is likely to make further moves against the Euro as the session progresses as investors await the European Central Bank’s latest interest rate decision.

US Dollar

The ‘Greenback’ fell to a five-week low against the Japanese Yen and tumbled close to a 20-month low against the Swiss Franc due to concerns over the government shutdown sending investors to the safe-haven currencies. As a result of the shutdown investors are now speculating that the Federal Reserve will choose to delay any tapering to its monetary easing programme. Against Sterling and the Euro the ‘Greenback’ made gains ahead of the release of data which is expected to show that the number of new jobs being created in the US increased at a faster pace.

The Euro

The Euro retreated from the eight-week high it achieved against the US Dollar yesterday as investors grow cautious ahead of the European Central Bank’s policy meeting. Overall demand for the single currency is muted as Italian Prime Minister Enrico Letta faces a confidence vote later in the session. Even if Letta’s fragile government survives the vote political uncertainty in the region is likely to remain.

Australian Dollar

The ‘Aussie’ fell against most of its peers after data showed that Australia had a bigger-than-expected trade deficit in August and building approvals increased less-than-forecast. The currency also remains vulnerable to a slowdown in China.

New Zealand Dollar

The ‘Kiwi’ extended its slide as the US government shutdown and looming debt ceiling deadline sapped investors risk appetite. Politicians in the USA have to agree by mid-October to raise the country’s $16.7 trillion debt ceiling or risk an historic US default. Ongoing political concerns in Italy are also muting demand for riskier assets.

Canadian Dollar

The Canadian Dollar fell against its peers as the price of the nation’s biggest export; crude oil fell as investors weighed up the possible consequences of the US federal government shutdown. The situation in the US has knocked the ‘Loonie’ due to the possible threat to growth in Canada’s biggest trading partner.

South African Rand

The Rand has firmed against the US Dollar after the currency took advantage of the struggling American currency. Yesterday the South African currency was unable to make gains due to weak local PMI and vehicle sales data which meant that the Rand ended the session lower.

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