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Daily send money home currency update on the usd and other major currencies.

Pound Sterling

The Pound was softer against the Euro and US Dollar following yesterday’s weaker-than-expected mortgage approval data. A separate report showed that business lending also fell again in February. Investors will now be looking ahead to today’s manufacturing PMI data which is forecast to come in strongly. A disappointing figure is likely to see Sterling soften.

US Dollar

The US Dollar held onto yesterday’s losses against the majority of its peers as investors weighed up whether a string of disappointing economic data releases will cause the Federal Reserve to alter the tapering of its quantitative easing programme. The currency was also weighed upon after Federal Reserve chairman Janet Yellen said that the world’s largest economy will need stimulus ‘for some time’. Positive PMI data due this afternoon could see the currency recover some ground.

The Euro

The Euro firmed against the Pound and US Dollar as investors raised their bets that the European Central Bank will introduce stimulus measures to aid the Eurozone’s flagging economic recovery. Weak employment data out of Germany and the wider region as well as softer manufacturing data is likely to see investors increase their expectations for stimulus even more.

Australian Dollar

The ‘Aussie’ climbed to its highest level in four months against the US Dollar after the Reserve Bank of Australia left interest rates unchanged. The currency could have advanced further but mixed manufacturing data out of China made investors cautious.

New Zealand Dollar

The New Zealand Dollar is close to a 31-month high against the US Dollar and advanced against other major peers as risk sentiment continues to improve and as mixed Chinese manufacturing data and yesterday’s speech by Fed Chairman Janet Yellen continued to weigh on the US currency.

Canadian Dollar

The Canadian Dollar advanced yesterday against the Pound and other major peers after GDP data for Canada came in better-than-expected. Today the ‘Loonie’ lost ground due to Chinese manufacturing data causing traders to become cautious over commodity and riskier based currencies.

South African Rand

The Rand hit a 3-month high against the US Dollar on Monday after a surprise trade surplus report and stronger-than-expected domestic credit figures backed the case for interest rate increases. Today it softened as the mixed Chinese manufacturing data caused investors to be cautious.

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