The Pound is on track to a weekly loss against most of its peers as disappointing data releases in the middle of the week cast doubt on the true strength of the UK economy. On Friday construction data showed that output declined by 0.1%.
Currently the Pound is trading in the region of 1.1786 against the Euro and 1.5983 against the US Dollar.
The ‘Greenback’ was supported by hopes that the political issues in the US will be resolved before the debt ceiling deadline on the 17th of October. The markets shrugged off the release of data which showed that consumer sentiment decline to its weakest level in 9-months as all eyes focused on Washington.
Currently the US Dollar is trading in the region of 0.6256 against the Pound and 0.7374 against the Euro.
The Euro was little changed against the U.S. Dollar on Friday, after the release of disappointing U.S. consumer sentiment data, as the outcome of ongoing U.S. budget negotiations continued to dominate market sentiment. The Euro was also trading higher against the Pound and a number of other currencies.
Currently the Euro is trading in the region of 0.8484 against the British Pound and 1.3560 against the US Dollar.
The ‘Aussie’ hit a three-week high ahead of tomorrow’s report which is expected to show that imports in China, Australia’s biggest trading partner, increased. The currency is benefitting from reduced concerns over Chinese growth.
Currently the Australian Dollar is trading in the region of 0.5924 against the Pound, 0.6983 against the Euro and 0.9469 against the US Dollar.
New Zealand Dollar
The ‘Kiwi’ is little changed against the US Dollar as US policymakers continued to bicker over the federal budget and looming breach of the debt ceiling, leaving financial markets nervous about taking positions. The currency strengthened against the Pound due to increasing expectations that Chinese data due for release over the weekend will show signs of improvement in the world’s second largest economy.
Currently the New Zealand Dollar is trading in the region of 0.5210 against the Pound, 0.6141 against the Euro and 0.8327 against the US Dollar.
The ‘Loonie’ edged higher against its peers after Canadian jobs data came in stronger than forecast. Full time employment rose by 23,400 last month while part-time employment dropped by 11,500. Average hourly earnings were up 1.83 per cent on the year.
Currently the Canadian Dollar is trading in the region of 0.6021 against the Pound, 0.7097 against the Euro and 0.9624 against the US Dollar.