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Kiwi’ holds close to a three-month high

Published on 9 February 2017 in News - Pages by Raffick Marday

Kiwi’ is holding close to a three-month high

Pound Sterling
The Pound has dipped to a one-month low against the Euro after the currency was undermined by poor economic data out of the UK and the expectation that the European Central Bank will resume its bond-buying plan. The UK is struggling in the grip of the double-dip recession and the Bank of England is expected to cut its growth forecast yet again later in the week.

The Pound is trading in the region of 1.259 against the Euro and 1.557 against the US Dollar.

US Dollar

The US Dollar remains down against a number of currencies following last week’s release of the better than expected job figures out of the country. Optimism out of Europe also dragged down on the currency as risk sentiment improved. Demand for the safe-haven dollar slumped whilst the riskier commodity based currencies gained in strength. The slump is expected to be short-lived however as doubts over Spain and rumours of a full bailout is sure to cause investors to seek safety in the Dollar once more. Many are still expecting the Federal Reserve to launch a new round of quantitative easing in September.

The Dollar is currently trading in the region of 0.640 against the British Pound and 0.807 against the Euro.

The Euro

The Euro rallied at the end of last week hitting four-month highs against a basket of currencies. The strengthening came on the back of rumours that the European Central Bank could resume its bond buying scheme in a bid to lower the borrowing costs for nations such as Spain and Italy. Today, however that optimism looks set to falter as doubts are beginning to creep into the markets once more. Many traders are concerned that Spain is on the verge of requesting a full-scale bailout after its 10-year bond yields held close to the dreaded 7% mark. Confusion over who would pay for such a bailout has also caused concern in the markets with some analysts saying that the Euro zone’s big hitters are playing a game of chicken over who breaks first to cough up the cash. We can expect the Euro to weaken as long as doubts remain.

The Euro is trading in the region of 0.793 against the Pound and 1.234 against the US Dollar.

Australian Dollar

The ‘Aussie’ is trading at its highest level since the end of March after being buoyed by better than expected economic data out of the United States. The Reserve Bank of Australia is holding its monthly meeting tomorrow to discuss interest rates, it is expected that the bank will vote to maintain the current rate of 3.5%. Interest rates were cut by 75 basis points through May and June. So far this year the Australian economy has been one of the best performers in the world with economic growth being solid.

The Australian Dollar is trading in the region of 0.852 against the Euro, 1.055 against the US Dollar and 0.676 against the British Pound.

New Zealand Dolla

The ‘Kiwi’ is holding close to a three-month high. The currency could see its fortunes boosted following speculation that Spain could prompt the European Central bank to resume its bond-buying programme. Such a move would see higher demand for riskier currencies and benefit the ‘Kiwi’.

The New Zealand Dollar is trading in the region of 0.524 against the British Pound, 0.818 against the US Dollar and 0.661 against the Euro.

Canadian Dollar

The ‘Loonie’ is still trading close to parity with its US cousin following an improved outlook for Canadian exports. The better than expected jobs figures out of the states also gave the ‘Loonie’ a boost. The Canadian Dollar has continued to make gains for a fourth week as crude oil, the country’s biggest export, rallied. The news out of Europe that the ECB could resume its bond buying scheme could give the Canadian Dollar a further boost.

The Canadian Dollar is trading in the region of 0.807 against the Euro, 0.640 against the British Pound and 0.999 against the US Dollar

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