The Pound initially made gains against the Euro and other currency’s following the release of data which showed that UK industrial output, house prices climbed and as the nation’s trade deficit narrowed. As the session progressed Sterling slipped against its peers as attention turned to data releases due later in the week and as ECB President Mario Draghi called for European leaders to finally agree on completing a banking union. Against the US Dollar Sterling remained close to a 27-month high.
Currently the Pound is trading in the region of 1.1928 against the Euro and 1.6425 against the US Dollar.
The ‘Greenback’ traded at a two-year low against the Pound and was at six-week low against the Euro. Investors are increasing their expectations that the Federal Reserve will choose to taper its monetary easing programme by as soon as next week.
Currently the US Dollar is trading in the region of 0.6087 against the Pound and 0.7263 against the Euro.
The Euro climbed to a six-week high against the US Dollar and managed to shrug off the mornings disappointing data releases after ECB President Mario Draghi urged European countries to complete the process of forming a banking union. Draghi also didn’t mention the possible use of negative interest rates or monetary easing measures during his speech in Rome, something that bolstered the Euro.
Currently the Euro is trading in the region of 0.8380 against the Pound and 1.3768 against the US Dollar.
The ‘Aussie’ managed to stage a bit of a rally against the Pound, Euro and US Dollar after the release of positive data from China and as industrial output increased and as demand for iron ore in the world’s second largest economy jumped to record levels. Iron is a major export of Australia and China is its biggest trading partner.
Currently the Australian Dollar is trading in the region of 0.5566 against the Pound, 0.6642 against the Euro and 0.9145 against the US Dollar.
The Canadian Dollar managed to rise to its strongest level in a week as the price of crude oil, the nation’s largest export, jumped to a six-week high and as commodity prices in general climbed. In a day relatively light in data the rise in commodities was enough to push the ‘Loonie’ higher.
Currently the Canadian Dollar is trading in the region of 0.5727 against the Pound, 0.6833 against the Euro and 0.9410 against the US Dollar.