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Daily Forex update

The Euro

The Euro is little moved against the Pound and US Dollar as the market waits for a speech by European Central Bank President Mario Draghi which is due to be held later in the session. Investors will be looking to see if the ECB President offers further guidance as to whether the Central Bank will introduce measures to bolster inflation in the Eurozone. The other major piece of news for the Euro will be the release of the latest IFO Business climate data for Germany.

Pound Sterling

The Pound softened against the Euro and US Dollar yesterday after minutes released by the Bank of England revealed that policy makers were uncertain about the amount of slack in the UK economy. The minutes also showed that policy makers voted unanimously to maintain interest rates at the record low level of 0.5%. Today the currency is expected to see light trading due to a lack of major data releases.

US Dollar

The US Dollar softened against most major currencies yesterday after data showed that new home sales in the world’s largest economy tumbled to the lowest-level since July last year raising concerns that the nation’s housing market is facing difficulties. The currency could recover lost ground later today if the latest jobless claims and durable goods data come in strongly.

Australian Dollar

The ‘Aussie’ recovered some ground against the US Dollar but is likely to see relatively light trading due to a lack of domestic data releases.

New Zealand Dollar

The New Zealand Dollar found support against several major peers after the Reserve Bank of New Zealand raised interest rates by 0.25% and raised its economic growth forecasts. The rate rise was widely expected by economists and now sees interest rates now at 3%.

Canadian Dollar

The Canadian Dollar was supported against the US Dollar after yesterday’s retail sales increased by 0.5%, largely meeting economist forecasts. The disappointing house sales and manufacturing data out of the US weakened the ‘Greenback’ and allowed the ‘Loonie’ to edge higher.

South African Rand

The Rand is under pressure as demand for riskier assets remains under pressure due to the ongoing tension in Ukraine. Yesterday’s weak data out of China and the ongoing strike in South Africa’s platinum mining sector are also weighing upon appetite for the Rand.

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