The Euro posted declines this morning

money_euros

Pound Sterling

Data due for release this morning is expected to show that UK construction contracted in February for a fourth consecutive month. However, an earlier report revealed that UK house prices rose in February. This first increase in nine months allowed the Pound to gain modestly on the Euro, but Sterling slid to a 31-month low against the US Dollar. If today’s construction figures come in above or below expectations the Pound could experience movement in the hours ahead.

The Pound is presently trading against the Euro in the region of 1.1567 and is trading against the US Dollar in the region of 1.5052

US Dollar

After the series of highly anticipated US cuts came into effect on Friday the ‘Greenback’ experienced violent movement. Poor Chinese services data, European political concerns and the expectation of disappointing UK construction PMI, allowed the safe-haven US Dollar to climb on several of its most traded peers as risk-appetite waned. The next piece of influential US Data, ISM Non-Manufacturing Composite, is scheduled for release tomorrow afternoon.

The US Dollar is presently trading against the Pound in the region of 0.6644 and is trading against the Euro in the region of 0.7685

Euro

The Euro posted declines this morning as the political situations in Italy and the US sapped demand for higher-risk assets. Any developments relating to the Italian election are likely to cause movement, and today’s Eurozone Producer Price Index is also expected to trigger volatility in the common currency.

The Euro is presently trading against the Pound in the region of 0.8647 and is trading against the US Dollar in the region of 1.3010

Australian Dollar

A report detailing an unexpected slump in Australian building approvals caused the ‘Aussie’ to lose ground against several of its most traded peers, hitting an almost 8-month low against the US Dollar. Disappointing services PMI for China also weighed on the South Pacific currency. If tomorrow’s Australian Retail sales data fails to meet expectations the ‘Aussie’s decline could continue.

The Australian Dollar is presently trading against the Pound in the region of 0.6735, is trading against the Euro in the region of 0.7787 and is trading against the US Dollar in the region of 1.0134

New Zealand Dollar

The New Zealand Dollar shed 0.6 per cent against the US Dollar and 0.8 per cent against the Japanese Yen after China’s service industry PMI revealed the nation’s slowest rate of expansion for five months. Concerns that China’s economic recovery may have hit a stumbling block could keep downward pressure on the ‘Kiwi’ in the hours ahead.

The New Zealand Dollar is presently trading against the Pound in the region of 0.5455, is trading against the Euro in the region of 0.6335 and is trading against the US Dollar in the region of 0.8203

Canadian Dollar

After dropping to an 8-month low against its American rival following less-than-impressive Canadian GDP figures, the odds of the nation’s central bank slashing its growth projections increased. Industry experts are now forecasting that the ‘Loonie’ will continue trading below parity with the US Dollar for the foreseeable future, perhaps dropping as low as 95 cents. Investors will now be looking ahead to Wednesday, and the Bank of Canada’s rate decision.

The Canadian Dollar is presently trading against the Pound in the region of 0.6457, is trading against the Euro in the region of 0.7464 and is trading against the US Dollar in the region of 0.9713

These exchange rates were correct as of 9:20 am

Richard Martin
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After working in business development for a major UK currency brokers for several years, Richard left Britain to help set up the company’s Australian office and now lives and works in Queensland; making the most of his new Down-Under lifestyle.