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The Euro

The Euro is softer against the US Dollar and Pound as investors warily look ahead to today’s Eurozone inflation data. The currency also remains under pressure from comments made last week by European Central Bank President Mario Draghi. The ECB head said that the strong Euro was putting pressure on inflation in the region suggesting that the ECB could be trying to talk down the currency.

Pound Sterling

The Pound firmed against the Euro over the weekend following the referendum result in the Crimea. According to the controversial poll 97% of voters backed joining Russia and breaking away from Ukraine. Tensions rose following the result as the West warned Russia not to annex the region and threatened to impose sanctions. With a lack of domestic data releases the Pound will be vulnerable to events elsewhere.

US Dollar

The US Dollar firmed against several major peers as demand for safer assets was supported by the weekend’s events in the Crimea. The ‘Greenback’ is under pressure however following last week’s disappointing consumer sentiment report and weaker-than-expected producer price inflation data. The currency could find some support from the afternoon’s manufacturing and industrial production data.

Australian Dollar

The ‘Aussie’ is trading higher against several major peers as investors increased their expectations that the Reserve Bank of Australia will choose to raise interest rates at its next policy meeting. The currency shrugged off geopolitical concerns over the Crimea to push higher.

New Zealand Dollar

The New Zealand Dollar was trading at a ten-day low against the Japanese Yen as concerns over the situation in the Crimea bolstered demand for safer assets. The ‘Kiwi’ recovered some ground against the Pound and other major peers however as commodity prices rose.

Canadian Dollar

The Canadian Dollar pushed higher against its US relation after Canada’s biggest export of crude oil climbed close to its highest price in three days. The rise came amid speculation that if Crimea splits from Ukraine it will heighten tensions between the west and Russia.

South African Rand

The Rand is weaker against its peers as investors look ahead to the week’s data releases. The Federal Reserve is due to hold its latest policy meeting this week and South Africa is due to release its inflation figures for February and January’s retail sales data. The trading week is also due to be shorter in South Africa this week due to the nation’s markets being closed on Friday for a national holiday.

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