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US Dollar hits a two year low against the Euro

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US Dollar

The US Dollar tumbled to a two-year low against the Euro and fell against the majority of its commodity and emerging market peers as concerns grow that the world’s largest economy was hampered by the recent government shutdown. Speculation that the Federal Reserve will delay tapering its monetary stimulus programme until next year benefited currencies such as the Rupee and Rand.

Pound Sterling

The Pound is close to a three-week high against the US Dollar and firmed against the Euro as investors await the release of data which is expected to show that the number of new orders placed at UK factories climbed to their highest-level since 1995. Today also sees Bank of England Governor Mark Carney hold a press conference which investors will use to gauge the BoE’s opinion on the strengthening UK economy.

The Euro

The Euro strengthened to a two-year high against the US Dollar but retreated slightly against the Pound. The single currency found support from news that Spain exited its two-year long recession and from data which showed that unemployment in the country fell for a second consecutive quarter. The unemployment rate fell from 26.3% to 26% suggesting that the Spanish economy is slowly beginning to improve. The currency was also supported by yesterday’s positive Consumer confidence report for the Eurozone.

Australian Dollar

The ‘Aussie’ found support against its peers due to the release of a positive report on Chinese manufacturing and an optimistic speech by a senior Reserve Bank of Australia official. China, Australia’s biggest trading partner saw its manufacturing PMI reach a seven-month in October. Any positive news out of the Asian nation benefits the strength of the ‘Aussie’.

New Zealand Dollar

The ‘Kiwi’ was higher against its U.S. counterpart on Thursday, boosted by upbeat Chinese manufacturing data and a positive New Zealand trade balance report. It was also supported by increased speculation that the Federal Reserve could postpone tapering its monetary easing programme until next year.

Canadian Dollar

The Canadian Dollar tumbled by its biggest margin since June after the Bank of Canada hinted at the need for increased interest rates but chose to maintain its policy for a 25th consecutive month. The currency was also weakened by a fall in the value of Crude oil, Canada’s biggest export.

South African Rand

The Rand firmed against the US Dollar after the South African government cut its budget deficit forecast and sought to demonstrate its fiscal discipline in yesterday’s interim budget. The government lowered the budget deficit forecast for the year to March 2014 to 4.2% of gross domestic product, from the 4.6% projected in February.

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