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Health of US banks called into question

Compare Money Transfer market report
Pound Sterling

The Pound has strengthened against the US Dollar due to investors being spooked over news that US based investment banks could be heading for trouble. Investors are speculating that trouble for the US banks might lead to a more dovish tone from the Federal Reserve as it attempts to stabilize the markets. Against the Euro, Sterling is little moved.

US Dollar

The ‘Greenback’ has weakened against the majority of its most traded peers after it was revealed that foreign investor purchases of US government bonds fell to its slowest pace since 2006. Concern is also growing over the health of the USA’s big banks as a boom in mortgage refinancing looks set to peter out. This afternoon sees the release of the latest existing home sales data. Economists are expecting to see a decline.

The Euro

The Euro is holding steady against the Pound and edged up against the US Dollar after the Portuguese government allayed investor fears over the nation’s political situation. The country’s President Anibal Cavaco Silva said that the government of embattled Prime Minister Pedro Passos Coelho will stay in office until 2015, dampening fears of a snap election.

Australian Dollar

The ‘Aussie’ strengthened against the majority of its most traded peers as expectations of a reduction to the Federal Reserve’s monetary easing programme buoyed demand for the higher yielding currency. The currency was also supported by China’s move to scrap a rule that constrained lending by its banks.

New Zealand Dollar

The ‘Kiwi’ is little changed after a 6.5 magnitude earthquake shut down the New Zealand capital. Damage was superficial to most parts of Wellington and it has been announced the city will reopen for business as usual tomorrow. The market hasn’t reacted negatively to the quake but if more damage is discovered then the currency could soften.

Canadian Dollar

The ‘Loonie’ is trading at a 11-day high against the US Dollar as the Canadian currency found support from higher oil prices and speculation that the Federal Reserve will not implement its tapering policy anytime soon.

South African Rand

The Rand strengthened by nearly 1% against the US Dollar after it followed other commodity based currencies upwards. Potential weakness remains a threat to the currency however as the South African mining sector remains under the threat of strikes.

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