The Pound initially climbed to a four-week high against the US Dollar before softening later in the session. Sterling’s gains came after the release of data which showed that UK house prices rose for a ninth consecutive month in October. As the session wore on the Pound softened in subdued trading as investors look ahead to the Federal Reserve’s upcoming policy meeting. The US currency also received support from positive industrial output data. Against the Euro the Pound was little changed as no key data for the Eurozone is due until Wednesday.
Currently the Pound is trading in the region of 1.1701 against the Euro and 1.6131 against the US Dollar.
The ‘Greenback’ made gains against the Pound and Euro in the early afternoon as data showed that industrial output in the US recorded its biggest increase in seven months. Negative home sales and a manufacturing report kept further gains in check as economists look ahead to the Federal Reserve’s policy meeting due to be held later in the week.
Currently the US Dollar is trading in the region of 0.6199 against the Pound and 0.7253 against the Euro.
The Euro slipped against the US Dollar due to the release of mixed data out of the United States. It also softened against the Pound following the publication of data which showed that house prices in the UK increased for a ninth consecutive month. The Euro was also under pressure as concerns over the regions slow growth and unemployment levels continue.
Currently the Euro is trading in the region of 0.8545 against the British Pound and 1.3786 against the US Dollar.
The ‘Aussie’ rose against most of its peers as expectations grow that the Federal Reserve will confirm that it will delay tapering its quantitative easing programme until early next year. The commodity based ‘Aussie’ is one of the currencies which benefits from the stimulus programme. The Federal Reserve begins its two-day long policy meeting tomorrow.
Currently the Australian Dollar is trading in the region of 0.5931 against the Pound, 0.6940 against the Euro and 0.9568 against the US Dollar.
New Zealand Dollar
The ‘Kiwi’ edged higher against many of its peers after speculation grew that New Zealand Central Bank governor Graeme Wheeler will signal that he intends to raise interest rates at the Bank’s policy meeting later in the week.
Currently the New Zealand Dollar is trading in the region of 0.5134 against the Pound, 0.6008 against the Euro and 0.8283 against the US Dollar.
The ‘Loonie’ halted its three-day long decline against the US Dollar but was weaker against the Pound. It managed to edge higher against the Euro after economists said that the currency had devalued too fast and as the market’s attention shifted to the upcoming Federal Reserve policy meeting.
Currently the Canadian Dollar is trading in the region of 0.5934 against the Pound, 0.6944 against the Euro and 0.9573 against the US Dollar.