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AUD boosted by foreign quantitative easing measures

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Pound Sterling

The Pound weakened to a two-week low against the Euro as investors await the release of a report that they expect will show that industrial output in the UK increased in February. Against the Dollar, Sterling is little changed. The report is expected to show that production rose by 0.4% compared to January’s decline of 1.2%. A manufacturing report is also expected to show signs of improvement with production also set to rise by 0.4%. Other signs of an improving economic picture such as a rise in house prices and an increase in retail sales could strengthen the currency.

US Dollar

The ‘Greenback’ has weakened against most of its major peers as traders speculate that the Federal Reserve will maintain monetary stimulus measures. Against the Euro the US currency fell for a fifth consecutive day, its longest losing streak since December 2012. The currency fell after Fed Chairman Ben Bernanke said that the nation’s economic conditions aren’t where he wants them to be.

The Euro

The Euro has advanced for a fifth day against the US Dollar and reached a two-week high against the Pound as demand for perceived riskier assets increased. The currency was also supported by data out of Germany that showed that the Eurozone’s largest economy posted a positive trade balance of €16.8 billion in March compared to the €13.6 billion recorded in February.

Australian Dollar

The ‘Aussie’ strengthened against its peers after receiving a boost from the plethora of quantitative easing measures being implemented by the world’s Central Banks. The influx of monetary easing has increased the value of Australia’s assets.

New Zealand Dollar

The ‘Kiwi’ followed its Australian peer upwards as it too received support from the number of quantitative easing announcements made over the last fortnight.

Canadian Dollar

The ‘Loonie’ weakened against the US Dollar yesterday due to a number of disappointing economic data releases. Canadian businesses have grown pessimistic over the nation’s economy and sales growth is expected to decline with only 31% of those surveyed expecting a rise.

The ‘Loonie’ also lost ground as a slew of other weak economic data including disappointing reads on the American manufacturing and service sectors along with March job creation that was barely half of what was expected punished commodity prices.

South African Rand

The Rand retreated below the important R9 level as Japan’s massive new stimulus programme reawakened demand for riskier assets. The Rand could strengthen further to as high as R8.80, although South Africa's weak fundamentals, including a large current account deficit, threaten to drag it back to weaker levels.

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