The Pound gave up some of yesterday’s gains against the Euro as investors await talks over the Greek bailout. The currency could soften further if it appears that a compromise will be struck. Against the US Dollar and other peers, the Pound remained firm following yesterday’s positive domestic data releases.
US Dollar
The US Dollar is trading steadily against its major peers as a lack of domestic market moving data releases offers little direction for traders. All eyes will be drawn to the peace talks set to be held on the Ukraine conflict and negotiations between Greece and its creditors.
The Euro
The Euro firmed against a number of peers and settle into a steady pattern as economists remain uncertain over whether Greece can reach a compromise deal to extend its bailout programme. Funding for the nation ends at the end of the month and the country could go bust if no deal is reached.
Australian Dollar
The ‘Aussie’ remains weaker against the Pound and other peers as sentiment towards riskier assets remains low. The currency did find some support however from the release of better-than-forecast Australian consumer sentiment and home loans data.
New Zealand Dollar
The New Zealand Dollar was weaker against its peers as it tracked its ‘Aussie’ relation lower and as sentiment towards riskier commodity assets remains soft.
Canadian Dollar
The ‘Loonie’ tumbled against the US Dollar and other major peers after a Bank of Canada official highlighted weaknesses in the Canadian economy. Senior deputy governor Carolyn Wilkins said the Bank of Canada cut its benchmark rate by 25 basis points in January to help navigate the economic uncertainty tied to low oil prices. Investors now believe that another rate cut is on the cards.
South African Rand
The Rand fell as positive domestic data was widely ignored. Investors are becoming increasingly concerned over power outages in South Africa and these fears are weighing on the Rand. A drop in unemployment is also expected to be reversed over the coming months.
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