The Pound fell broadly against its peers during the last session of the week as investors embarked on a bout of profit taking following the currency’s rise to a nine-month high. Sterling also fell against the Euro as concerns surfaced that the UK economy isn’t strong enough to warrant the Bank of England increasing interest rate in the near future.
Currently the Pound is trading in the region of 1.1833 against the Euro and 1.6107 against the US Dollar.
The ‘Greenback’ rose against the Pound and Euro as those currencies were sold off in a bout of profit taking by investors. Against the rest of its peers the Dollar remained weakened as the federal government shutdown rolled on for a third day. Concerns are also growing as to whether the US government will be able to agree to a raising the debt ceiling.
Currently the US Dollar is trading in the region of 0.6208 against the Pound and 0.7346 against the Euro.
The Euro ended the week on a high against the Pound after it consolidated yesterday’s gains as a result of positive economic data. The single currency also found support from news that the Portugal is showing signs of recovery.
Currently the Euro is trading in the region of 0.8450 against the British Pound and 1.3612 against the US Dollar.
The ‘Aussie’ managed to climb to its strongest level in two weeks as investors increased their bets that the Australian Reserve Bank will not cut borrowing rates this year. The currency also received support from strong Chinese data.
Currently the Australian Dollar is trading in the region of 0.5856 against the Pound, 0.6930 against the Euro and 0.9433 against the US Dollar.
New Zealand Dollar
The ‘Kiwi’ is little changed as investors remain muted until the impasse over the US budget talks is resolved. No resolution appears to be imminent to the deadlock, which has raised concerns about a looming October 17th deadline for the government to reach an agreement on lifting the country’s debt ceiling or risk defaulting on loans.
Currently the New Zealand Dollar is trading in the region of 0.5153 against the Pound, 0.6097 against the Euro and 0.8300 against the US Dollar.
The ‘Loonie’ was little moved against its US relation and traded within its narrowest range since April as concerns grow that the US government shutdown will impact growth in Canada’s biggest trading partner.
Currently the Canadian Dollar is trading in the region of 0.6008 against the Pound, 0.7109 against the Euro and 0.9677 against the US Dollar.
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