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USD finds momentum as Janet Yellen is nominated

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Pound Sterling

The Pound has weakened for a second day against the US Dollar ahead of the release of reports that are expected to show that manufacturing production in the UK expanded in August and that the national trade deficit narrowed.

Against the Euro, Sterling was little changed as investors took a wait and see approach ahead of tomorrow’s Bank of England policy decision. The currency did find support from the news that the International Monetary Fund had increased its forecast for the UK economy, citing that the country is on track to become the second fastest annualised growth rate of the G7 group of leading nations.

US Dollar

The ‘Greenback’ is trading higher against the Pound and the Euro after President Barrack Obama announced his nomination of Federal Reserve vice Chairwoman Janet Yellen to head the U.S. Central Bank later Wednesday. The Dollar was supported by the revelation as Yellen is in favour of continuing the Central Bank’s quantitative easing programme. The currency also benefitted from an increase in demand for safe haven currencies after the IMF warned that the ongoing US government shutdown could seriously damage the global economy.

The Euro

The Euro was trading softer against the US Dollar but was little changed against the Pound. The single currency could find support later in the session if today’s latest German Industrial Production data shows signs of improvement. Economists are expecting the data to rise from a reading of -2.2% to -1.4%. Investors are also awaiting tomorrow’s release of the European Central Bank’s monthly report.

Australian Dollar

The ‘Aussie’ climbed close to its highest level in three-weeks as investors expect the nation’s latest jobs data to show signs of significant improvement. The report due for release tomorrow is expected to show that payrolls climbed last month by the biggest margin recorded in five months. Against the US Dollar the ‘Aussie’ was softer as concerns over the ongoing government shutdown and encroaching debt ceiling deadline improved demand for the safe haven ‘Greenback’.

New Zealand Dollar

The ‘Kiwi’ is little moved against most of its peers as the markets continue to concentrate their gaze upon the situation in the United States. The currency is likely to soften after ANZ senior manager in the foreign exchange market, Sam Tuck, said that if America defaults investors will opt to sell off the New Zealand Dollar.

Canadian Dollar

The Canadian Dollar fell to a four-week low against its US relation as the ongoing US government shutdown continued and as Canada saw its trade deficit unexpectedly widen in August as imports hit a record high. The decision by the IMF to cut its global economic outlook also weakened the ‘Loonie’.

South African Rand

The Rand managed to breach a key barrier in overnight trading against the US Dollar due to strong selling from local and offshore accounts, but any gains are expected to be checked by the persisting concern over the US government shutdown.

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