020 7898 0500Elsewhere this week, we saw the export-reliant Australian dollar struggle amid fears that the US Federal Reserve would begin to taper monetary policy. Following an announcement from Janet Yellen (strong favourite to become the next Federal Reserve chairwoman) in which she eluded towards monetary stimulus being sustained, we saw the Australian dollar recover slightly. However, these gains were then reversed amid speculation that the central bank will cut interest rates. The Canadian dollar also had a difficult week amid the rumours surrounding the Fed’s quantitative easing program, hitting 2 month lows against its US counterpart. Any tapering of US stimulus would have a negative impact on the Canadian economy, with the States being Canada’s primary export destination. The Japanese yen started the week poorly following the release of negative consumer confidence figures, and the currency declined consistently throughout the week, trading at 4-year lows against sterling. Looking forward to today we have manufacturing sales figures out of Canada. Get in touch with your trader for a live rate.
