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Pound Sterling

The Pound has weakened slightly against the US Dollar as economists await the release of data that is expected to show that UK house prices rose for a second consecutive month in March. Home values are expected to have risen by 0.2% in March compared to the 0.5% posted in February. So far this year Sterling has declined by 4.5%. The Pound could make gains against the Euro later in today’s session if Eurozone retail sales data shows a worse-than-expected decline.

US Dollar

The ‘Greenback’ strengthened to a three-and-a-half year high against the Japanese Yen after the Bank of Japan introduced a massive quantitative easing programme. Dollar traders should pay attention to the release of the USA’s latest non-farm payrolls data which is expected to show that the new number of jobs created in the world’s biggest economy fell from 236,000 in February to 190,000 in March. If the figure is worse-than-expected it is possible that the currency may weaken as doubts over the strength of the US job sector could be called into question.

The Euro

The Euro fell against the majority of its peers after European Central Bank President Mario Draghi described a grim outlook for the Eurozone. The bank also chose to maintain interest rates at the record low level of 0.75%. The single currency then leapt upwards to $1.29 against the US Dollar after Draghi reiterated that there is strong political will to keep the Eurozone together, calming investor concerns following the Cyprus bailout debacle.

Australian Dollar

The ‘Aussie’ has weakened against the US Dollar due to a sharp decline in the value of the Japanese Yen. Against the Yen the Australian Dollar soared to a fresh four-and-a-half year.The currency is now not expected to make any significant movements until the release of the US non-farm payrolls data is released.

New Zealand Dollar

The ‘Kiwi’ followed its Australian counterpart in reaching a new four-and-a-half year high against the Japanese Yen. The rise came after the Bank of Japan announced a new quantitative easing programme that went beyond what economists had been predicting.

Canadian Dollar

The ‘Loonie’ strengthened to a six-week high versus its U.S. counterpart before employment data due later today is forecast to show job gains last month in the U.S. and Canada. Against the Japanese Yen the currency rallied to its highest level since 2008.

South African Rand

The Rand has risen to a three-week high against the Dollar and is poised for a rally as global Central Banks maintained accommodative monetary policies. The rises come after yesterday’s policy meetings at the ECB, BoE and the BoJ showed that the respective banks are willing to take action to improve their countries’ economies.

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