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Pound Sterling

The Pound strengthened for the first time in three days against the US Dollar as investors gear up for the release of Thursday’s Bank of England policy decision. Last week the currency fell against all of its peers after Bank of America Merrill Lynch said that the Pound’s recent rally will wane. The next major pieces of economic data for the UK are due for release on Wednesday and include the latest UK industrial production and manufacturing reports. Wednesday also sees the latest trade balance data.

US Dollar

The ‘Greenback’ fell close to a five week low against the Japanese Yen as ongoing uncertainty over the US federal government shutdown and a possible default of US debt weighs heavily upon the currency. The impasse in Congress looks set to continue after Republican House Speaker John Boehner said that the House will not support bills to reopen the government or increase the nation’s debt ceiling unless the Democrats agree to negotiate on spending cuts. The comments increased concern that the October 17th debt ceiling deadline will pass without a resolution to the dispute. A failure to agree terms could lead the US to make an unprecedented default on its debts which will have a knock on effect for the global economy.

The Euro

The Euro edged slightly higher against the US Dollar as the ongoing political stalemate and government shutdown in the US shows no sign of coming to an end. Against the Pound the single currency is little changed as economists await the release of the latest Sentix investor confidence survey. The data is expected to show an improvement.

Australian Dollar

The ‘Aussie’ has weakened against the majority of its peers as investors sought safer assets. The US government shutdown has weighed heavily upon demand for perceived riskier assets such as the ‘Aussie’. After US Commerce Secretary Penny Pritzker warned that the shutdown was beginning to harm business the demand for safe havens increased.

New Zealand Dollar

The ‘Kiwi’ has softened against the majority of its peers as demand for riskier assets waned as the US government shutdown drags on and as the debt ceiling deadline approaches. The New Zealand currency could find support tomorrow if a business confidence survey affirms the strength of the country’s economy.

Canadian Dollar

The Canadian Dollar is weaker against its US relation and the majority of its most traded peers as it remains weighed down by a decline in the value of crude oil and as concerns grow that the US government shutdown will harm the Canadian economy.

South African Rand

The Rand fell against all of its major peers as demand for riskier assets waned as the political stalemate in the United States continued. Local data released earlier in the session showed that gold and foreign exchange reserves rose in September to $45.753bn from $45.588bn in August, but this had no apparent effect on the Rand.

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