The Pound strengthened for a fourth day against the Euro and managed to briefly breach the 1.21 mark as better than expected manufacturing data out of the UK boosted demand for the high flying currency. Against the US Dollar, Sterling hit its highest level in 27 months before softening slightly in the wake of a strong ISM report from the USA. Manufacturing around the world seems to be picking up as manufacturing reports from China, Europe, the UK and US all shows of a pickup in production.
Currently the Pound is trading in the region of 1.2081 against the Euro and 1.6355 against the US Dollar.
The ‘Greenback’ strengthened against the Euro following the release of better than expected manufacturing data. According to the Institute for Supply Management’s factory index, output across the US increased to 57.3 in November, up from the previous months reading of 56.4. The figure beat economist forecasts for a decline to 55.1.
Currently the US Dollar is trading in the region of 0.6114 against the Pound and 0.7387 against the Euro.
The Euro fell to a session low against the US Dollar and continued to trade at 0.82 against the Pound. The currency saw some benefit from better than expected manufacturing data out of the Eurozone. Disappointing data out of Spain and France however prevented the single currency from capitalizing.
Currently the Euro is trading in the region of 0.8276 against the Pound and 1.3537 against the US Dollar.
The ‘Aussie’ rallied from its weakest-level in three-months against the US Dollar after data out of China came in better-than-forecast. The latest PMI data out of Australia’s biggest trading partner came in at an 18-month high. Data which showed that building approvals in Australia fell less than forecast also helped the currency.
Currently the Australian Dollar is trading in the region of 0.5569 against the Pound, 0.6728 against the Euro and 0.9108 against the US Dollar.
The ‘Loonie’ tumbled to its weakest level in two years against its US relation and slipped further beyond a three year low against the Pound. It also weakened against the Euro as investors focus on Wednesday’s Bank of Canada meeting which they expect will show that policy makers will take a bearish tone to the health of the nation’s economy.
Currently the Canadian Dollar is trading in the region of 0.5752 against the Pound, 0.6950 against the Euro and 0.9408 against the US Dollar.