Kiwi surges as housing prices hit record

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Pound Sterling

After last week’s bearish response to less-than-impressive UK news, the Pound began European trading slightly stronger as investors looked ahead to Thursday’s retail sales report. Economists have forecast a month-on-month sales increase of 0.3 per cent in September following Augusts’ 1.0 per cent decline. UK employment data is also likely to impact Sterling in the days ahead. In a quiet news day Pound movement may be limited.

GBP/EUR is trading in the region of 1.1781 and GBP/USD is trading in the region of 1.5977

US Dollar

The ‘Greenback’ slid against the Yen for the first time in five days as debt limit debates raged on in Washington with no sign of a deal being reached. With the October 17th deadline rapidly approaching the US Dollar also dropped against peers including the Euro and Pound.

USD/GBP is trading in the region of 0.6259 and USD/EUR is trading in the region of 0.7374

Euro

With economists expecting today’s industrial production report for the Eurozone to show improvement in August, the Euro strengthened against several of its most traded peers as the local session opened. The report is expected to show a month-on-month increase of 0.8 per cent.

EUR/GBP is trading in the region of 0.8489 and EUR/USD is trading in the region of 1.3563

Australian Dollar

Although the ‘Aussie’ was able to trade strongly against the US Dollar after Chinese stocks advanced, the South Pacific currency stumbled against several of its most traded rivals ahead of the publication of minutes from the latest Reserve Bank of Australia policy meeting. The Australian Dollar also declined against its New Zealand counterpart following the release of a positive housing report for the smaller nation.

AUD/GBP is trading in the region of 0.5927, AUD/EUR is trading in the region of 0.6979 and AUD/USD is trading in the region of 0.9461

New Zealand Dollar

The ‘Kiwi’ enjoyed a bullish relationship with several of its biggest rivals during Australasian trading as a private report showed New Zealand’s home prices had rallied to record levels. Rising Asian stocks also supported the New Zealand Dollar.

NZD/GBP is trading in the region of 0.5224, NZD/EUR is trading in the region of 0.6155 and NZD/USD is trading in the region of 0.8372

Canadian Dollar

As last week came to a close the Canadian Dollar posted its most significant slide for 7-weeks against its US counterpart as continued uncertainty regarding the US debt ceiling weighed on the commodity-driven asset. With US markets closed for a national holiday, ‘Loonie’ fluctuations may be limited ahead of tomorrow’s Canadian existing home sales report.

CAD/GBP is trading in the region of 0.6047, CAD/EUR is trading in the region of 0.7124 and CAD/USD is trading in the region of 0.9660

These exchange rates were correct as of 09:50 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.