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BOE foresees economic recovery for the UK

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Pound Sterling

The Pound is close to a six-week low against the US Dollar as the UK prepares to sell 30-year government debt later today. Yesterday, the currency strengthened against most of its major peers after the Bank of England upgraded its estimates for the UK economy and as BOE governor Mervyn King said that a recovery was in sight.

US Dollar

The ‘Greenback’ has strengthened against the Euro and Sterling as-well-as most of its major peers ahead of the release of a report that is expected to show that jobless benefits claims rose last week. The currency took a bit of a knock yesterday following the release of worse-than-expected industrial production data, the decline was short-lived however as investors chose to focus on the jobless data.

The Euro

The Euro has weakened for a sixth consecutive day against the US Dollar, its longest losing streak in a year. The single currency was weakened yesterday after data showed that the Eurozone economy shrank for a record sixth-straight quarter. The currency is expected to weaken further over growing speculation that the European Central Bank will have to ease monetary policy further if it is to halt the region’s steady decline.

Australian Dollar

The ‘Aussie’ is trading close to an 11-month low due to signs of an economic slowdown in the USA and Europe weighing down on commodity prices. The outlook for Australian exports weakened as a result causing investors to seek safety elsewhere.

New Zealand Dollar

The ‘Kiwi’ hit a four-year high against its Australian relation but fell against the rest of its peers after the New Zealand government’s annual budget disappointed investors. Economists had been hoping that the government would announce a round of spending; instead they only loosened the purse strings slightly.

Canadian Dollar

The ‘Loonie’ briefly strengthened against the US Dollar after industrial production in the US declined by its biggest margin in eight months in April. Today, the currency has weakened due to a weakening in commodity prices as investors grow worried over the possibility of a global slowdown following yesterday’s dire Eurozone data and disappointing US data.

South African Rand

The Rand remains under pressure against the US Dollar after falling sharply overnight as investors fretted that a two-day strike at platinum firm Lonmin could spark boycotts elsewhere. The Rand's weakness was compounded by broad-based Dollar strength as a weaker gold price hit commodity currencies.

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