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Pound sterling is highest level in over 3 years

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

Pound Sterling

The Pound has climbed to its highest level for three-and-a-half years against the Euro as investors looking for safe havens outside of the troubled currency bloc drove demand for Sterling. Comments made by the German finance minister Wolfgang Schaeuble over the risks for Spain and the rising costs of Spanish borrowing are the key reasons for the Euro’s decline.

Sterling has benefited in recent months from investors looking to cut exposure to peripheral euro zone debt by instead buying UK government bonds, considered a relative safe haven from the crisis. The pound appears to have shrugged off minutes from the Bank of England's Monetary Policy Committee on Wednesday that showed policymakers discussed a possible interest rate cut and additional asset buying at their meeting earlier in the month.

The Pound is currently trading in the region of 1.279 against the Euro and 1.569 against the US Dollar.

Pound sterling highest level for 3 years

US Dollar
The ‘Greenback’ saw a small comeback overnight following five days of declines against a basket of currencies. Poor data and weaker than expected economic growth out of the Asian nations saw demand for the Dollar increase as investors fled back to the go-to safe haven.
Despite the small gains the Dollar is still trading markedly lower against many currencies due to traders still believing that the country’s Federal Reserve will introduce a third round of quantitative easing in the near future. Weaker-than-expected US jobs data prompted the renewed speculation the Federal Reserve may move to stimulate the world's largest economy.

The US Labour Department reported 386,000 initial jobless claims were filed in the week ending July 14, an almost 10% increase from the prior week's upwardly revised figure and well above expectations of a rise to 365,000.

Currently, the Dollar is trading is trading in the region of 0.812 against the Euro and 0.637 against the British Pound.

The Euro
The Euro continues to trade at three-year lows against Sterling, has eased against the ‘Greenback’ and reached close to record lows against the Australian Dollar. The worries over Spain’s financial troubles continue to grow and comments made by the German finance minister did little to ease investor concerns if anything it made the markets more spooked. As well as the continuing jitters over the state of the single currency the Euro took a further hit after the European Central Bank lowered the deposit rate to zero.

Pound sterling is highest level in over 3 years

The potential for another round of quantitative easing from the U.S. Federal Reserve may help support commodities and the Australian Dollar, while the Euro should continue to stay weak due to concerns over the Euro zone's debt crisis.

The Euro is currently trading in the region of 1.227 against the US Dollar and 0.781 against the British Pound.

Australian Dollar
The ‘Aussie’ has dipped, ending five days of gains against the US Dollar. The weakening comes on the lessening demand for riskier assets. Worries over Asia’s growth and the ongoing Euro crisis caused investors to seek safer havens such the Japanese Yen or ‘Greenback’. The losses were minimised however thanks to the markets continuing belief that the US Federal Reserve will implement further monetary measures following disappointing jobs data.

Currently, the ‘Aussie’ is trading in the region of 0.662 against the British Pound, 0.849 against the Euro and 1.042 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ is holding its ground against the US Dollar and is close to hitting a record level against the Euro. The kiwi dollar rose to 65.41 Euro cents from 65.17 cents yesterday, having traded at record levels of around 65.63 Euro cents in US trading yesterday. The kiwi dipped to 51.02 British pence from 51.15 pence yesterday, against the Japanese Yen the ‘Kiwi’ gained to 63 Yen from 62.89 Yen. It traded at 77.05 Australian cents.

Currently, the New Zealand Dollar is trading in the region of 0.5107 against the Pound, 0.802 against the US Dollar and 0.654 against the Euro.

Canadian Dollar

The ‘Loonie’ strengthened against the US Dollar, reaching a two-month high yesterday. The currency’s strength came on the back of the currency heading for a second straight weekly gain on bets that the Bank of Canada will be the first among Group of Seven peers to raise interest rates. Crude oil, Canada’s biggest export, climbed above $91 a barrel and stocks gained. Canadian wholesale sales rose more than forecast in May.

Currently, the ‘Loonie’ is trading in the region of 0.992 against the US Dollar, 0.809 against the Euro and 0.632 against the British Pound.

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