Pound Sterling
The Pound began the session higher against the Euro following the release of data which showed that the UK’s budget deficit narrowed by a bigger than expected margin in September. In the afternoon the Pound strengthened against the US Dollar but weakened against the Euro following the release of anticipated jobs data in the United States.
Currently the Pound is trading in the region of 1.1797 against the Euro and 1.6123 against the US Dollar.
US Dollar
The ‘Greenback’ fell against the Euro and the majority of its most traded peers following the release of the delayed and highly anticipated jobs data. The report showed that the number of new jobs created came in below forecasts causing investors to increased their bets that the Federal Reserve will choose to delay tapering its monetary easing programme until next year, a move which benefits emerging market currencies and weighs upon the US Dollar.
Currently the US Dollar is trading in the region of 0.6202 against the Pound and 0.7317 against the Euro.
The Euro
The Euro strengthened against the Pound and US Dollar following the release of the worse-than-expected US jobs data. In a week of few European data releases events across the Atlantic shook up the Euro. Comments made by a French Minister that the Euro should be weakened by the ECB fell on death ears as the single currency rose in strength.
Currently the Euro is trading in the region of 0.8476 against the British Pound and 1.3666 against the US Dollar.
Australian Dollar
The ‘Aussie’ climbed close to a four-month high against the US Dollar and edged higher against the Pound and other peers after leading global resources company BHP Billiton raised its production forecast for iron ore, Australia’s biggest export. The company said that iron ore output will jump to 212 million tons this year after China’s industrial output shows signs of a pickup. The currency then leapt beyond a four-month high against the ‘Greenback’ following the release of weaker than expected jobs data.
Currently the Australian Dollar is trading in the region of 0.5986 against the Pound, 0.7062 against the Euro and 0.9651 against the US Dollar.
New Zealand Dollar
The ‘Kiwi’ was softer at the start of the session as investors turned their attention to the release of the delayed US jobs report due for release later in the session. Fears over a drag on growth in the US fuelled expectations that the Federal Reserve would delay plans to start tapering its stimulus program until at least the start of next year. Following the data’s release the ‘Kiwi’ climbed higher as commodity and emerging currencies benefitted from the weaker-than-expected US jobs data.
Currently the New Zealand Dollar is trading in the region of 0.5232 against the Pound, 0.6173 against the Euro and 0.8436 against the US Dollar.
Canadian Dollar
The ‘Loonie’ edged higher against the US Dollar as expectations that the economic impact of the recent U.S. debt crisis would keep the Federal Reserve from scaling back its stimulus program weighed.
Currently the Canadian Dollar is trading in the region of 0.6022 against the Pound, 0.7105 against the Euro and 0.9710 against the US Dollar.