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A good week for the pound

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Pound Sterling

The Pound strengthened to a five-week high against the Euro and looks set to rise to a six-week high over the next few days. The rise comes after Cyprus Finance Minister revealed that the small nation had failed to gain support from Russia. The European Central Bank has given Cyprus until Monday to find the money it needs.

Against the US Dollar, Sterling rose to a three-week high after the latest retail sales data dampened speculation that the Bank of England will add to its monetary stimulus plans.

US Dollar

The ‘Greenback’ has weakened against the Pound and fallen slightly against the Euro due to the positive retail sales data from the UK and the firm stance taken by the ECB to impose a deadline upon Cyprus. The currency was weakened slightly by data that showed that existing home sales stagnated in February and continuing jobless claims rose slightly.

The Euro

The Euro is trading close to its lowest level in four-months after the European Central Bank gave Cyprus until Monday to agree to a bailout package or lose its emergency funding.

Against the Japanese Yen the single currency fell to a six-week low after the Cypriot finance minister revealed that Russia would not grant financial aid. The currency is also under pressure after the latest PMI data for Germany, France and the wider Eurozone all showed signs of contraction.

Australian Dollar

The ‘Aussie’ strengthened against a basket of currencies due to investors turning to the currency for a safe haven option as the fallout from the Cyprus debacle continues.

New Zealand Dollar

The ‘Kiwi’ strengthened against its peers due to data showing that the country’s economy grew at twice the pace predicted by the Reserve Bank of New Zealand. GDP grew by 1.5% in the last quarter of 2012.

Canadian Dollar

The ‘Loonie’ strengthened to a weekly high against its US relation after Canadian Finance Minister Jim Flaherty said that he plans to eliminate the country’s deficit before the next election due to be held in 2015. The country’s retail sales gained in January adding to the appeal of the currency.

South African Rand

The Rand fell to a fresh four-year low against the US Dollar as emerging currencies took the heat from the risk aversion caused by the Cyprus bailout situation. The currency remains highly vulnerable to further losses as the situation continues.

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