Daily Foreign Currency Exchange News: 1st October, 2010

Euro: The euro continues it’s remarkable recovery, particularly against the pound and the US Dollar. The EUR/GBP is currently 1.1522, about a cent different from yesterday. The Euro’s gain against both the pound and usd, is mostly due to poor economic data released this week in both the UK and US.

There seems to be a common thought in the foreign exchange community, that the euro is begining to peak out though. If you need to sell euros soon, maybe now is a good time to talk to a foreign exchange dealer about buyng a time option forward currency contract.

Pound: Sterling is little changed today, with slight losses against the euro and US Dollar. No big news expected for the pound, although all eyes are on the data coming out of the US, so there may be a bit of movement with the USD. The Pound is currently at a 4-month low against the euro.

US Dollar:  The US Dollar seems have continued to lose against the Yen, Euro and Pound, with steady prices against the Australian Dollar.

Japanese Yen: The Yen has continued its recent rebound against the US Dollar, even though it has weakened against the euro. This poses a problem for the Japanese authorities over whether they can justify another foreign exchange intervention. Traders are now wary of which way the Bank of Japan will go.

Australian Dollar: The Aussie dollar remained close to its 26-month high against the American dollar, sitting almost unchanged at 0.9660. More Australian dollar gains would seem to depend largely on any announcement on plans to raise interest rates.

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