The Pound rose against the US Dollar and firmed against the Euro after a report showed that house prices in the UK increased for a 10th consecutive month in November. On a month by month basis prices increased by 1.1%, the fastest pace recorded in six years.
Currently the Pound is trading in the region of 1.1963 against the Euro and 1.6376 against the US Dollar.
The ‘Greenback’ initially rallied against the Pound and Euro following the release of stronger than expected payrolls and consumer sentiment data. Unemployment in the USA fell from 7.3% to 7% in October and the University of Michigan’s consumer sentiment report climbed to 82.5 in December, beating forecasts for a rise to 76. Gains were capped by expectations for the Federal Reserve to begin scaling back its asset purchases in the coming months.
Currently the US Dollar is trading in the region of 0.6106 against the Pound and 0.7305 against the Euro.
The Euro managed to tick higher against the US Dollar due to the increase in risk sentiment in the wake of the release of positive data out of the world’s largest economy. The single currency’s gains were kept in check after data released earlier in the session showed that German factory orders fell by 2.2% in October.
Currently the Euro is trading in the region of 0.8360 against the Pound and 1.3692 against the US Dollar.
The ‘Aussie’ is set to make another weekly decline against the Pound after it was sent tumbling in the wake of yesterday’s trade deficit data. Australia posted a seasonally adjusted trade deficit of $529 million in October, compared with a downwardly revised deficit of $271 million in September. The figure was wider than analysts’ expectations of a deficit of $300 million.
Currently the Australian Dollar is trading in the region of 0.5555 against the Pound, 0.6646 against the Euro and 0.9101 against the US Dollar.
The Canadian Dollar fell to a fresh three-year low against the US Dollar and remained at multi-year lows against the Euro and Pound. The currency received some support from data which showed that employment in the country rose by 21,600 and unemployment remained at 6.9%.
Currently the Canadian Dollar is trading in the region of 0.5738 against the Pound, 0.6863 against the Euro and 0.9398 against the US Dollar.