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The Aussie is trading high following election of new Prime Minister

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The ‘Aussie’

The ‘Aussie’ is higher against most of its peers due to election of Tony Abbott as Prime Minister. The Liberal-National coalition win over the weekend ended six years of Labour Party rule and was the outcome hoped for by economists. The currency also benefitted from data showing that Chinese exports rose by 7.2% suggesting that the world’s second strongest economy is recovering from a slump.

Pound Sterling

The Pound is trading higher against the Euro and US Dollar ahead of a speech by UK chancellor George Osborne. The chancellor is expected to say that the nation’s economy is ‘turning a corner’. The comments are likely to add further support to an economy that continues to show signs of a strong recovery. The currency also remains supported by the OECD economic agency’s sharp increase in its growth forecast for the coming year. It now predicts that the economy will grow by 1.5%, up from its previous estimate of 0.8%.

US Dollar

The ‘Greenback’ is softer against the Pound but has climbed higher against the Japanese Yen after Japan’s second-quarter GDP reading was revised upwards. Against the Euro the Dollar is little moved as uncertainty over whether the Federal Reserve will begin to taper its monetary stimulus programme lingers after last week’s disappointing US jobs data.

The Euro

The Euro is softer against the Pound and US Dollar after data showed that the Cypriot economy has suffered from its worst annual contraction since the 1970’s. The small nation’s economy shrank by 5.9% in the second quarter of the year. Losses were offset by comments made by Greek Prime Minister Antonis Samaras who said that Greece’s six years of recession will end next year.

New Zealand Dollar

The ‘Kiwi’ has softened against the US Dollar and Sterling after last week’s weaker-than-expected US jobs data increased speculation that the US Federal Reserve may refrain from cutting stimulus measures this month. Also weighing upon the ‘Kiwi’ is the expectation that the nation’s Reserve Bank will choose to maintain interest rates at 2.5% when it releases its quarterly policy statement.

Canadian Dollar

The ‘Loonie’ is trading higher against its US relation after the nation’s economy created new jobs at triple the forecasted level last month. In August 59,200 new jobs were created, smashing expectations of a rise of 20,000.

South African Rand

The Rand posted its biggest daily gains in three months after the currency was buoyed by the end of a gold strike and as weak US jobs data weighed upon the US Dollar.

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