investors continue to regard Sterling as a relative safe haven

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Daily Currency update

Pound Sterling

The Pound continues to hover around a three-and-a-half year high against the Euro as investors continue to regard Sterling as a relative safe haven from the single currencies problems. Further gains could be muted however after the release of disappointing retail sales figures. It had been predicted that sales would increase by 0.6% but instead it rose by only 0.1%. Against the US Dollar the Pound hit a two-week high as the demand for riskier currencies increased.

Currently the Pound is trading in the region of 1.275 against the Euro and 1.564 against the US Dollar.

US Dollar

The ‘Greenback’ continues to trade at lower levels against many of its peers but halted its downward trend against the Euro this morning. The currency saw a boost, as prospects for new stimulus measures dimmed thanks to Ben Bernanke saying that the central bank remained ready to act, but gave few hints of imminent action.

It is set to make further gains as traders continue to seek safer alternatives from the single currency. Against the Japanese Yen the ‘Greenback’ continues to post losses as investors regard the Japanese currency as a safer option than the US Dollar.

Currently the ‘Greenback’ is trading in the region of 0.813 against the Euro and 0.638 against the British Pound.

The Euro

The Euro continues to take losses against a basket of currencies as confidence in the single currency remains dismally low. Yesterday’s comments by German Chancellor Angela Merkel renewed fears that the euro-debt crisis is about to enter a new dangerous phase and the chances of a member nation leaving the troubled bloc increased. Interest on Spain’s bond yields edged close to the all important and dreaded 7% mark again, once more raising fears that Spain could go the same way as Greece.

Against the US Dollar the Euro made some headway in Asian trading as the ‘Greenback’ takes a pummelling due to poorer than expected economic data and higher risk appetite from traders.

Currently the Euro is trading in the region of 1.229 against the US Dollar and 0.784 against the British Pound.

Australian Dollar

The ‘Aussie’ hit an all time high against the Euro, is soaring against the US Dollar and is trading at an eleven week high against most of its peers. The currency is being buoyed by the increase in commodity prices, improved investor sentiment and the news that the German central bank is set to start buying local bonds. The German Bundesbank is expected to begin adding Australian Dollar assets including government bonds to its foreign exchange holdings before November. The Bank of Australia’s attempts to lower the currency’s value have failed miserably and even weak business confidence data has failed to drag on the ‘Aussie’.

Currently the ‘Aussie’ is trading in the region of 0.8457 against the Euro, 1.0409 against the US Dollar and 0.6635 against the British Pound.

New Zealand Dollar

The ‘Kiwi’ is on course to hit a new record high against the Euro after Europe continues to post poor economic data. The currency has been stuck close to a near seven-week low against the other oceanic currencies as the low Australian interest rates give the ‘Aussie’ an advantage.

The currency edged lower to the region of 0.770 against its neighbour. Against the US Dollar the ‘Kiwi’ posted gains as the US currency continues to weaken thanks to the Fed Reserve’s indecision over further QE measures.   Currently the currency is trading in the region of 0.802 against the US Dollar, 0.652 against the Euro and 0.511 against the British Pound.

Canadian Dollar

The ‘Loonie’ is edging higher against the ‘Greenback’ thanks to a greater appetite for high yields and further signs that the Bank of Canada is planning on sticking to its bias towards higher interest rates.  The Bank’s quarterly monetary policy report drove home the message that the bank will continue with the current stance towards interest rates despite other nations choosing to cut theirs or initiate monetary easing measures.

Currently the Canadian Dollar is trading in the region of 0.9905 against the US Dollar, 0.805 against the Euro and 0.631 against the British Pound.

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