The Pound initially jumped higher against the Euro after industrial production data out of the UK came in better than forecast. Industrial output increased by 0.9% in September, rebounding from the 1.1% decline in August and beating economist predictions for a rise of 0.6%. The Euro then rallied following the release of better-than-expected German factory data.
Currently the Pound is trading in the region of 1.1921 against the Euro and 1.6114 against the US Dollar.
The ‘Greenback’ fell against the Euro and other peers following the release of worse than expected Mortgage application data and as a report showed an increase in the number of job cuts. The data renewed concern that the world’s largest economy is slowing down and increased speculation that the Federal Reserve will refrain from tapering its monetary easing programme anytime soon.
Currently the US Dollar is trading in the region of 0.6205 against the Pound and 0.7398 against the Euro.
The Euro jumped against the Pound and was higher against the majority of its peers after German factory orders increased by a bigger than expected margin in September. Orders soared by 3.3% from August when they fell by 0.3%, smashing economist forecasts for a gain of 0.5%. The data relieved some concerns that the Eurozone recovery is slowing after data released earlier in the session widely disappointed.
Currently the Euro is trading in the region of 0.8388 against the British Pound and 1.3516 against the US Dollar.
The ‘Aussie’ was higher against several of its peers on the back of better-than-expected trade data. The Australian Bureau of Statistics said that the country’s trade deficit narrowed to A$284 million in September from the A$693 million recorded in August. Economists expected a September deficit of A$500 million.
Currently the Australian Dollar is trading in the region of 0.5917 against the Pound, 0.7054 against the Euro and 0.9535 against the US Dollar.
The ‘Loonie’ managed to make some gains against its peers after commodity prices rose. The currency briefly strengthened against the Euro before softening after crude oil, the nation’s biggest export increased in value.
Currently the Canadian Dollar is trading in the region of 0.5941 against the Pound, 0.7083 against the Euro and 0.9575 against the US Dollar.