The Pound spent most of the session little changed against the Euro but did manage to edge higher against the US Dollar after consumer confidence data out of the States came in below economist forecasts. Sterling was weighed down however by comments made by Bank of England Governor Mark Carney. In a testimonial to parliament Mr Carney said that the BOE’s target of 7% unemployment rate didn’t necessarily mean that once reached it would raise interest rates.
Currently the Pound is trading in the region of 1.1951 against the Euro and 1.6183 against the US Dollar.
The ‘Greenback’ fell against the Pound and Euro after a consumer confidence data release came in below forecast. Confidence slipped to 70.4 in November, down from the revised figure of 72.4 in September and below economist expectations of 71.2. The negative confidence data outweighed housing data which showed that the number of applications to build new homes in the US rose to a five year high.
Currently the US Dollar is trading in the region of 0.6179 against the Pound and 0.7384 against the Euro.
The Euro traded higher against the US Dollar but was little moved against the Pound for much of Tuesday’s session. The single currency shrugged off dovish remarks by European Central Bank board member Benoit Coeure, who said that negative deposit rates are still a possibility. Positive confidence data out of Italy and expectations that a German government could be formed before the end of the week supported the currency.
Currently the Euro is trading in the region of 0.8367 against the Pound and 1.3541 against the US Dollar.
The ‘Aussie’ resumed its decline against its peers, pushing beyond a 3-year low against the Pound and Euro. The currency firmed briefly in early trading after the Reserve Bank of Australia’s deputy governor declined to add to the bank’s recent comments regarding the overvaluing of the ‘Aussie’. The currency then resumed its decline as bets that the RBA will take steps to weaken it further increased.
Currently the Australian Dollar is trading in the region of 0.5625 against the Pound, 0.6723 against the Euro and 0.9103 against the US Dollar.
The ‘Loonie’ fell to a four-month low as the price of Canada’s biggest commodity, crude oil, fluctuated. Yesterdays deal by global powers and Iran saw the commodity fall and the oil market is still feeling the effects at the expense of the Canadian Dollar.
Currently the Canadian Dollar is trading in the region of 0.5854 against the Pound, 0.6996 against the Euro and 0.9474 against the US Dollar.