The Pound spent much of Thursday’s session trading close to a three-week low against the US Dollar and was softer against the Euro as the UK currency remained under pressure following yesterday’s disappointing data releases. The Bank of England chose to maintain interest rates at the record low-level of 0.5%.
Currently the Pound is trading in the region of 1.1795 against the Euro and 1.5938 against the US Dollar.
The ‘Greenback’ traded close to a three-week high against the Pound but was relatively little changed against the Euro. The US currency received support after hopes were raised that the ongoing federal government shutdown could be resolved and the debt ceiling deadline met.
Currently the US Dollar is trading in the region of 0.6273 against the Pound and 0.7400 against the Euro.
The Euro spent the session firmer against the Pound following the release of the ECB’s monthly report. The Central Bank’s governing council reiterated that forward guidance will remain at the current low levels for an extended period of time in an attempt to boost support for the slow recovery in the Eurozone.
Currently the Euro is trading in the region of 0.8478 against the British Pound and 1.3513 against the US Dollar.
The ‘Aussie’ weakened against most of its peers after the latest jobs data disappointed. Economists had expected that 15,000 new jobs had been created in the Australian economy, instead only 9,100 were made. An upside to the figures was that the nation’s unemployment rate fell from a four-year of 5.8% in August to 5.6% in September.
Currently the Australian Dollar is trading in the region of 0.5917 against the Pound, 0.6980 against the Euro and 0.9432 against the US Dollar.
New Zealand Dollar
The ‘Kiwi’ followed its Australian relation downwards after manufacturing data out of New Zealand showed that output fell to 54.3 in September from the 57.1 recorded in August. Against the US Dollar the currency tumbled after Janet Yellen was nominated to replace Ben Bernanke at the US Federal Reserve and as hopes for a deal on the government shutdown appeared more likely.
Currently the New Zealand Dollar is trading in the region of 0.5179 against the Pound, 0.6109 against the Euro and 0.8255 against the US Dollar.
The ‘Loonie’ made gains in the afternoon snapping three days of losses after US lawmakers suggested the implementation of a short-term rise of the USA’s debt ceiling in order to avoid the US defaulting on its debts. Resolution of the issues in the US will bolster Canada as the US is its biggest trading partner.
Currently the Canadian Dollar is trading in the region of 0.6035 against the Pound, 0.7119 against the Euro and 0.9619 against the US Dollar.