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US Dollar is trading higher against the Pound and Euro

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Pound Sterling

The Pound softened against the US Dollar and weakened to a two-month low against the Euro ahead of the release of a report which is expected to show that mortgage approvals in the UK rose to a five-year high in September. Sterling is likely to soften further in the afternoon as the markets will turn their attention to the release of a plethora of data from the United States.

US Dollar

The US Dollar is trading higher against the Pound and Euro but slipped lower against the Japanese Yen. Trading is relatively subdued as investors await the release of data due in the afternoon and ahead of the start of the two day long Federal Reserve Policy meeting later today. The Federal Reserve was not expected to announce any change to the rate of its $85 billion-a-month asset purchase program after its meeting. The U.S. central bank is instead expected to delay plans to start tapering stimulus until next year.

The Euro

The Euro is trading at a two-month high against the Pound but is softer against the US Dollar. There are no major data releases due for the single currency so any movement will depend on external factors such as the afternoon’s US economic data. The currency found some support after France recorded a slight rise in consumer confidence.

Australian Dollar

The ‘Aussie’ fell to its lowest level in nearly two weeks after the governor of the Australian Reserve Bank; Glenn Stevens said that the currency may be weaker in the future. The ‘Aussie’ dropped against all 16 of its major counterparts after Stevens said there will eventually be a tapering of U.S. stimulus that has debased the ‘Greenback’.

New Zealand Dollar

The ‘Kiwi’ is trading lower against the US Dollar as investors remain jittery ahead of the two-day long Federal Reserve policy meeting. Concerns are also mounting that the data delayed by the recent US government shutdown will highlight a slowdown in the world’s largest economy.

Canadian Dollar

The Canadian Dollar halted its declines against the US Dollar as speculation builds that the US Federal Reserve will choose to maintain its monetary easing programme which is likely to devalue the ‘Greenback’. The currency also found support after the value of crude oil, Canada’s biggest export rose.

South African Rand

The Rand has weakened against the US Dollar but looks set to regain some ground as speculation mounts that the Federal Reserve will choose to maintain its monetary easing policy. If they do decide to maintain the quantitative easing programme then emerging currencies such as the Rand will benefit.

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