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Bond sales boost Euro

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Sent money home currency update

Pound Sterling

The Pound strengthened against rivals including the US Dollar and Euro following the sale of 1.6 billion Pounds of index linked gilts. The British currency achieved a six-week high against its American counterpart before the close of trade but was little changed this morning despite a housing report revealing that UK house prices hit a five-year high in March. UK construction output figures, due for release at 9:30 GMT, could trigger Sterling movement.

US Dollar

Although yesterday’s initial jobless claims data showed a decline in first time benefit claims the US Dollar dipped against its rivals during local trade. As investors placed bets that stimulus measures would be maintained by central banks globally, risk aversion was heighted – leading to ‘Greenback’ loses. The safe-haven currency fell further this morning prior to the publication of advance US retail sales figures.

The Euro

The Euro achieved a six-week high against the US Dollar yesterday as Italian and Spanish bond sales saw strong demand. This morning the common currency is holding fairly steady, but volatility can be expected to follow the release of industrial production figures for the Eurozone. The European Central Bank’s announcement of 3 year LTRO repayments will also be of interest. Today EU finance ministers are gathering in Dublin for a two-day conference at which issues including the Cyprus bailout and Eurozone banking reforms will be discussed.

Australian Dollar

With optimism regarding China’s economic outlook on the rise, the Australian Dollar was able to gain on its rivals. After hitting a three-month high against the US Dollar yesterday the ‘Aussie’ was trading in the region of $1.0550 as Australian Treasurer Wayne Swan issued positive comments relating to China’s prospects ahead of next week’s GDP data for the Asian nation. Economists are predicting that over first quarter of 2013 China’s economy grew at the fastest pace for a year.

New Zealand Dollar

The ‘Kiwi’ reached a 1 ½ high against its American counterpart yesterday on the strength of positive home price data for New Zealand. The South Pacific currency dipped slightly during local trade but is still set to record a weekly advance of 2.3 per cent, its most significant 5-day jump since mid-2012. The New Zealand Dollar gained on some of its other major competitors as the economic outlook for China (one New Zealand’s main trading partners) brightened.

Canadian Dollar

As the outlook of commodity-driven nations improved as a result of the Bank of Japan’s easing programme, the ‘Loonie’ was pushed to a 7-week high against the ‘Greenback’. Positive Chinese data lent the Canadian Dollar additional support. The ‘Loonie’ is likely to experience movement today following the publication of advance retail sales data for the US, Canada’s largest trading partner.

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