Daily Currency update written by Compare Money Transfers currency team
The Pound is little moved against the Euro and US Dollar as the British Chambers of Commerce said that it expects the UK economy to strengthen further over the course of the year. The Pound gave back gains against the US Dollar on Monday but held steady as investors avoided the ‘Greenback’ in the wake of a disappointing report on the U.S. service sector.
The US Dollar recovered from a two-week low against the Japanese Yen after data showed that activity in the US service sector slowed unexpectedly last month. The Institute of Supply Management said that new orders contracted for the first time since July 2009.
The Euro firmed against several peers after German retail sales and French consumer confidence reports came in better-than-expected. The currency then pushed higher against the Pound and other peers after data showed that the unemployment rate in Europe’s largest economy remained at 6.9%.
The ‘Aussie’ weakened against all of its major peers on speculation that the currency’s recent leap to 90 US cents was overdone. The ‘Aussie’ has fallen for the first time in four days versus the ‘Greenback’, retreating from the highest level in almost a month, as a technical indicator signalled a reversal.
New Zealand Dollar
The New Zealand Dollar fell against the US Dollar as demand for the ‘Greenback’ increased following the release of disappointing PMI data yesterday. The Pound ticked higher after the British Chambers of Commerce increased its expectations for the UK economy.
The Canadian Dollar fell after Canadian Finance Minister Jim Flaherty said that he expects the country’s manufacturers to benefit from a weakened ‘Loonie’. He went on to say that Bank of Canada Governor Stephen Poloz hinted that policy makers may take action to weaken the currency.
South African Rand
The South African Rand is little moved against its peers but did manage to firm away from a five-year low against the ‘Greenback’. The currency is expected to stay within a narrow range today due to a lack of market-moving data releases.
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