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Big day for the Pound

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Pound Sterling

The Pound is little changed against the US Dollar and the Euro ahead of Chancellor George Osborne’s presentation of his spending review to parliament. Osborne is expected to outline his plans to save £11.5 billion by cutting spending for governmental departments.

The Bank of England meanwhile is scheduled to publish its latest financial stability report.

US Dollar

The ‘Greenback’ strengthened against the Euro for a fifth-consecutive day after the US posted stronger-than-expected economic data, increasing speculation that the Federal Reserve will reduce its bond purchasing programme. US factory orders beat expectations and consumer confidence data smashed economist expectations.

According to the New York based Conference Board, confidence jumped to 81.4, a figure that exceeded all forecasts and is the highest level since January 2008, from a revised number of 74.3 in May.

The Euro

The Euro has weakened against the US Dollar as investors opted for the safety of the ‘Greenback’. Investors are concerned over a possible revival of the Euro crisis after EU finance ministers failed to agree on how to fund future bailouts and after European Central Bank governor Mario Draghi said that the Euro-zone economy still requires a stimulus based monetary policy.

Australian Dollar

The ‘Aussie’ strengthened against the Japanese Yen and the majority of its most traded peers after China’s Central Bank reassured investors that it will do what it takes to stabilize money markets and ease the credit squeeze threatening the world’s second largest economy and Australia’s biggest trading partner. The recovery is likely to be limited as economists expect the ‘Aussie’ to resume its decline.

New Zealand Dollar

The ‘Kiwi’ remained range bound after the Chinese Central Bank eased investor concerns over the state of China’s banking system. Comments made by New Zealand Finance Minister Bill English are weighing upon the currency after he said that he believes the currency is still ‘overvalued’.

The next piece of data released for the currency is today’s latest trade balance data which is expected to show an improvement.

Canadian Dollar

The ‘Loonie’ fell against the majority of its most traded peers as data releases showed that the US economy is strengthening , fuelling speculation that the nation’s largest trading partner has room to slow its monetary stimulus. A move that will impact commodity and emerging based currencies.

South African Rand

The Rand made gains against the ‘Greenback’ after offshore corporate earnings flowing into South Africa ahead of the end of the financial year offset demand for the US Dollar. With the financial quarter close to an end companies with operations overseas are continuing to support the Rand as they convert their earnings from Dollars into Rand.

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