The Australian and New Zealand Dollars are little moved against the Pound on a day where movements in either direction are not expected due to a lack of economic data releases.
The Australian Dollar is trading slightly softer against Sterling as last week’s jobs data out of the United States of America is putting pressure on the ‘Aussie’ as traders see the data as evidence that the US Federal Reserve will taper its stimulus measures sooner than expected.
“It’s certainly adding some fuel to the debate, the claim that the Fed will have a live discussion at its December meeting about reducing stimulus. The US Dollar jumped on Friday and retained most of its gains to start the week,” said a currency strategist at Westpac.
A recent run of positive reports out of the US has created uncertainty yet again as to when the Fed could choose to reduce its $85 billion per month quantitative easing programme. As a commodity based currency the ‘Aussie’ has benefitted from the programme so any reduction weakens it whilst bolstering the US currency.
A bigger-than-expected rise in Australian home approvals was widely ignored. According to the Bureau of Statistics, home-loan approvals increased by a seasonally adjusted 4.4% in September. Economists had been expecting a rise of 4.0%.
The New Zealand Dollar meanwhile managed to make gains against some of its peers before settling into a holding pattern ahead of this week’s important data releases.
The ‘Kiwi’ made gains after data showed that card spending in the country rose at its fastest pace since October 2002. The monthly figures account for about two-thirds of core retail spending. Today’s data bodes well for a positive September quarterly retail sales report which is scheduled for release on Thursday.
The currency could weakened however on Wednesday as many investors raise their bets that the governor of the Reserve Bank of New Zealand, Graeme Wheeler will try and talk down the currency at a briefing or when he addresses a parliamentary select committee.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9463
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7051
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5878
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1359
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4181
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.7011
Current New Zealand Dollar (NZD) Exchange Rates
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8330
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6207
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5174
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8803
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2003
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9324
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6109
Correct as of 09:45 am GMT
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