The Pound has spent the majority of Wednesday’s session little moved at close to a two-month low against the Euro as the market’s attention is focused upon tonight’s policy statement from the US Federal Reserve. Sterling wasn’t supported by the release of an improved Lloyds Business Barometer report which rose from 57 to 63 in October. The currency could see some support on Thursday if house price data shows that prices have continued to climb.
Currently the Pound is trading in the region of 1.1674 against the Euro and 1.6075 against the US Dollar.
The ‘Greenback’ has spent the majority of the session softer against the majority of its most traded peers as a number of data releases disappointed and as investors await the outcome of the Federal Reserve’s two-day long policy meeting.
Currently the US Dollar is trading in the region of 0.6220 against the Pound and 0.7262 against the Euro.
The Euro is trading higher against the US Dollar and Pound as the single currency found support ahead of the Federal Reserve’s monthly policy announcement, amid expectations that the Fed will signal a delay in plans to reduce its stimulus program. The Euro also found support from news that Spain has officially exited recession and that Eurozone business confidence strengthened in October.
Currently the Euro is trading in the region of 0.8566 against the British Pound and 1.3770 against the US Dollar.
The ‘Aussie’ is trading higher against the Pound and US Dollar as investors increase their expectations that the US Federal Reserve will not announce any plans to begin tapering its $85 billion a month quantitative easing programme. Commodity and emerging market currencies are likely to benefit when the Fed ends its two day long policy meeting later in the session
Currently the Australian Dollar is trading in the region of 0.5904 against the Pound, 0.6892 against the Euro and 0.9491 against the US Dollar.
New Zealand Dollar
The ‘Kiwi’ initially fell to a four-week low against its peers before making a recovery to trade firmer. The weakness came after Moody’s Investors Service said that it was considering stripping New Zealand of its top credit rating. The currency found support as investors turned their attention to the Federal Reserve’s two-day long policy meeting which ends today.
Currently the New Zealand Dollar is trading in the region of 0.5133 against the Pound, 0.5992 against the Euro and 0.8251 against the US Dollar.
The ‘Loonie’ rose from a two-month low against the US Dollar but softened against the Euro on expectations that the US Federal Reserve will announce that it will delay tapering its quantitative easing programme until next year.
Currently the Canadian Dollar is trading in the region of 0.5944 against the Pound, 0.6940 against the Euro and 0.9556 against the US Dollar.