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Pound continued to test resistance around .5970 versus the Dollar, after earlier touching a fresh six-month high, as speculation is mounting that policy makers will announce additional stimulus to boost the ailing U.S economy.

The Euro has retreated back towards .3150 against the Dollar this morning, as the global risk environment favoured the lower-yielding currencies like the U.S Dollar and Japanese Yen. The Australian and New Zealand Dollar fell for a second day.

The Pound also bounced back after 2-days of declines versus the Japanese Yen. The UK currency was up 0.4% against the Dollar last night, but Sterling has slumped back towards a low of .5776 this morning, after a gauge of UK house prices showed the first decline in prices for a year in July.

The Dollar traded close to a three-month low against the Euro yesterday, amid speculation that the Federal Reserve will tonight announce measures to keep borrowing costs at ultra-low levels over the coming months, as the economic recovery shows signs of losing steam. The U.S currency has also lost ground in anticipation of a report this afternoon, which is expected to show that productivity growth slowed in the second quarter.

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