- The Russian rouble fell for the fourth day in a row, as did stocks and government bonds, as the European Union (EU) elected to impose new sanctions on trade yesterday evening. The sanctions will target a number of industries, with focus on the oil market and defence systems, EU sources said. This paints a bleak outlook for the Russian currency, with Morgan Stanley analysts voicing fear over the risk of further escalation.
- The New Zealand dollar lost out yesterday, dropping off to the lowest levels seen in nearly seven weeks. The currency had the rug pulled from underneath it last week when central bank policy makers spoke of how they believed the currency to be significantly overvalued, which saw the kiwi dollar tumble. It was pushed down further yesterday after UBS spoke out saying that there could be much further to fall for the currency, which had seen consistent growth since the start of 2014 – something that is now looking increasingly unfounded.
Overnight last night we had building approvals data out of Australia which although positive didn’t have a major impact of the Australian dollar. Later this afternoon we have growth figures out of Canada.
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