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Daily Currency News
17 May 2013
Pound Sterling
The Pound has weakened against the US Dollar due to increasing speculation that the US Federal Reserve is coming closer to deciding to end its monetary stimulus program. Sterling approached its lowest level in six-weeks as the speculation boosted the US currency. So far this year the Pound has declined by 2.2% making it the third worst performing currency behind the Japanese Yen and Australian Dollar.
US Dollar
The 'Greenback' has risen to a six-week high against the Euro as economists expect the Federal Reserve's policy makers to announce that they will be altering the pace of their monthly bond purchases . A Federal Bank president said that the Bank may start to begin tapering off bond purchases as early as this summer. The currency's rise may be temporary however as yesterday's weak jobs data could weigh on sentiment throughout the session.
The Euro
The Euro weakened against the US Dollar due to a combination of continuing weak data out of the Eurozone and rising speculation that the US Federal Reserve could announce that it would slow the rate of its bond purchases. The Eurozone economy has slipped deeper into recession following the release of GDP data that showed that the troubled region contracted by 0.2% in the first quarter of 2013.
Australian Dollar
The 'Aussie' has fallen to an 11-month low against its US relation as traders warmed to the idea that the US Federal Reserve is considering the steady removal of its economic stimulus program. The shift in sentiment about QE comes as concerns grow that the Australian economy is set to slow as mining investment cools. BHP Billiton confirmed this week plans to scale back spending in favour of cost control. The 'Aussie' looks set to decline further than expected over the course of the year with Goldman Sachs downgrading its view that the currency will end the year at US98c to US90c.
New Zealand Dollar
The 'Kiwi' tumbled to its lowest level in a year against the US Dollar due to the expectation that the US Federal Reserve will announce a slowdown to its bond-buying programme.
Canadian Dollar
The 'Loonie' came close to a three-week low against its US relation, declining for a fifth time in six days as a regional Federal Reserve president said the Central Bank may begin slowing its monthly bond-buying as the labour market strengthens.
South African Rand
The Rand has hit a four-year low due to ongoing concerns of further labour unrest in the platinum mining sector. A repeat of last year's strikes and violence has the potential of inflicting heavy damage to the South African economy. Investors are also concerned about a large current account deficit and the chances of power cuts on the heavily pressured grid at the onset of the southern hemisphere winter.
Disclaimer: This update is provided by TorFX.
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