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The Aussie fights back against Pound & USD

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Daily currency report FX Compared

Australian Dollar

The ‘Aussie’ recovered some ground against the Pound and US Dollar due to the release of positive private capital expenditure data. The report showed that private capital expenditure in the Oceanic country climbed by 3.6% in the third quarter and smashed forecasts for a 1.2% decline. The currency is expected to resume its downward trajectory as traders increased their bets that the currency will make its biggest decline in five-years as the RBA continues to talk it down.

Pound Sterling

The Pound is approaching its highest-level since January against the US Dollar and continues to make gains against the Euro and other peers as investors await the release of the Bank of England’s semi-annual Financial Stability Report. Yesterday saw Sterling soar to three-year highs against the ‘Aussie’ and Canadian Dollars following the publication of GDP data which created demand for UK assets.

US Dollar

The US Dollar slumped against the Pound but managed to climb to a six-month high against the rapidly weakening Japanese Yen. The currency rose following the release of mixed data which suggested that the US economy remains on track to make a recovery. Today is likely to see thin trading due to the US markets being closed for the Thanksgiving holiday. Investors are now looking ahead to next week where they expect a manufacturing report will show that output in the sector expanded for a sixth consecutive month.

The Euro

The Euro fell from a four-year high against the Yen after economists deemed its recent rise as excessive. Yesterday, the currency once again fell against the Pound due to the release of the positive UK GDP data and the uncertainty caused by the dismissal of Silvio Berlusconi from the Italian senate. The single currency managed to recover some ground earlier this morning after Spain posted better-than-forecast inflation and GDP data.

New Zealand Dollar

The ‘Kiwi’ is holding close to a three-month low against the US Dollar and a multi-month low against Sterling after the New Zealand Reserve Bank published figures which showed that its loan restrictions on low equity mortgages is slashing the levels of borrowing by home buyers.

Canadian Dollar

The Canadian Dollar fell to its lowest level since July against its US counterpart and hit a three-year low against the Pound as the price of crude oil, the nation’s biggest export continued to fall. The currency briefly firmed today due to the expected thin trading in the wake of the closure of the US markets for the Thanksgiving holiday season.

South African Rand

The Rand firmed against the US Dollar after yesterday’s sharp fall. The currency will find some respite from declines due to the closure of the US markets. Last night the Rand slumped to a two-week low due to renewed pressure on emerging markets. Trade data due on Friday poses further risk for the local currency if the deficit comes out wider than expected

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