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A Bad day for the Euro

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The Euro

The Euro weakened against the Pound and some other peers ahead of the release of flash GDP growth rate data which is likely to be weaker than the previous reading. A slowdown of inflation in the region’s biggest economy raised concerns that the ECB could be ready to implement negative rates soon. Data from Greece which showed that unemployment hit a new record high of 28% and the news from Italy that Prime Minister Enrico Letta is to resign both weighed on the single currency.

Pound Sterling

The Pound reached its highest level in 32 months against the US Dollar after the American currency was weighed down by weaker-than-expected jobs and retail sales data. Against the Euro, Sterling rallied after Italian Prime Minister Enrico Letta announced that he will resign. His announcements spooked markets which fear that political uncertainty is about to return to Italy. The currency also remains supported by the Bank of England’s quarterly inflation report which occurred mid-week.

US Dollar

The US Dollar tumbled against the majority of its most traded peers after data showed that retail sales fell more-than-expected and the number of US citizens claiming unemployment benefit rose last week. The data did little to ease mounting concerns that the nation’s economic recovery is losing momentum.

Australian Dollar

The ‘Aussie’ rallied after yesterday’s sharp decline due to data out of China coming in above expectations. Consumer prices in Australia’s biggest trading partner increased by 2.5% in January from the previous year which was good news for Australian exporters. Some of the gains were muted however after a Reserve Bank of Australia official said that the currency is likely to fall in the near future.

New Zealand Dollar

The New Zealand Dollar followed its Australian relation higher following the release of the better-than-expected data from China. Economists are forecasting that the ‘Kiwi’ is likely to rise over the next few weeks as a strong economy and improving figures from China buoy the currency.

Canadian Dollar

The Canadian Dollar continued to advance from multi-year lows late Thursday morning despite mixed commodity prices and a reading on American retail sales that fell short of expectations. The gains could be short-lived if a manufacturing shipments report comes in weaker-than-expected later in today’s session.

South African Rand

The Rand is expected to see little movement today after a state of the nation speech held by South African President Jacob Zuma did little to influence the markets.

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