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Sterling and Dollar make gains on the Euro

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Pound Sterling

The Pound advanced for a second consecutive day against the Euro after Bank of England Governor Mark Carney failed to convince investors that the Central Bank will maintain interest rates at the current record low during his speech to business leaders yesterday. The currency also found some support as the feared military action against Syria was delayed after the British government announced that they would wait for United Nations weapons inspectors to deliver their report on an alleged chemical attack.

US Dollar

The ‘Greenback’ remains higher against the Euro as investors await the release of data which is expected to show that the US economy grew at a faster-than-expected rate, adding to the case for the Federal Reserve to taper its stimulus programme. Figures due to be released by the US Commerce department are expected to show that GDP expanded by 2.2%, beating estimates of a 1.7% rise.

The Euro

The Euro is trading weaker against both the Pound and US Dollar as the possibility of military action in Syria weighs upon the currency. Soft sentiment data releases from the Eurozone also weighed upon the currency. The latest unemployment data out of Germany could offer some support to the currency.

The ‘Aussie’

The ‘Aussie’ made gains against the US Dollar due to the release of positive data. The Australian Bureau of Statistics said that investment into the country increased by 4% in the second quarter. The figure beat expectations of a 1% increase. The gains were limited however as uncertainty over whether a western led military strike against Syria will occur weighed upon sentiment.

New Zealand Dollar

The ‘Kiwi’ is slightly higher against the US Dollar but gains were limited due to the release of disappointing business confidence data and as the Syria situation continues to spook the markets. Data showed that business confidence in New Zealand fell to 48.1 in August, down from the previous reading of 52.8.

Canadian Dollar

The ‘Loonie’ weakened against its US relation as speculation over military action against Syria outweighed the gains made from higher oil prices. Friday sees the release of the latest GDP data for the country, if it comes in as expected and shows a contraction of the economy the ‘Loonie’ will fall further against the US Dollar due to concerns of divergence between the two North American nations.

South African Rand

The Rand edged higher against the US Dollar after worries over military action in Syria eased after the UK said that it would wait for the United Nations before deciding whether to attack the country. All eyes will be on today’s inflation data which if disappointing is sure to make the Rand weaker once again.

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