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Sterling poised for more gains

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Daily FX Compared Currency Report

Pound Sterling

The Pound is little changed against the US Dollar and Euro ahead of the release of data which is expected to show that UK mortgage approvals increased last month. The British Bankers Association is expected to show that the number of loans approved for house purchases increased by 38,950 last month. Sterling looks set to have another positive week as on Thursday GDP data is expected to confirm that the UK economy expanded by 0.7% in the second quarter of the year.

US Dollar

The ‘Greenback’ has edged higher against a number of its peers but further gains are likely to be limited after a senior official in the Federal Reserve defended the Central Bank’s decision to leave its stimulus programme unchanged at last week’s policy meeting. The Dollar looks set to enter a period of uncertainty over the next few weeks as President Obama faces a showdown with the Senate over his spending plans. Government funding is set to expire on the 1st of October with many federal offices preparing for a possible shutdown.

The Euro

The Euro strengthened against the US Dollar and edged higher against the Pound in early trading but its gains are expected to be limited after European Central Bank President Mario Draghi said that he is ready to offer further support to the region’s banking sector. The currency could find support from the release of a positive German business climate report which is due for release later in the session.

Australian Dollar

The ‘Aussie’ has weakened against the majority of its peers after a decline in global stocks reduced demand for riskier higher yielding assets. The currency was also under pressure from economists calling for the currency to weaken further.

New Zealand Dollar

The ‘Kiwi’ fell from its highest-level in almost five years against its Australian counterpart and weakened against the majority of its most traded peers as investors increased their bets that the Reserve Bank of New Zealand will choose to raise interest rates by April next year.

Canadian Dollar

The Canadian Dollar is trading higher against the US Dollar and is set to make further gains ahead of tomorrow’s report which is expected to show that retail sales in the country rebounded from a yearly low in July. The currency also found some support after Canadian Smartphone maker BlackBerry found a possible buyer.

South African Rand

The Rand has softened against the Pound and is expected to make limited moves today due to the South African market being closed for a public holiday. The currency could weaken later in the week as on Thursday Statistics South Africa is set to publish its latest producer price inflation data for August.

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