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Canadian Dollar advances as crude oil prices jump

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crude oil prices jump making Canadian Dollar advance

FX Compared currency update Canadian Dollar

The Canadian Dollar managed to advance for the fourth day after the price of crude oil, Canada’s biggest export leapt to a six-week high. Other commodities jumped in price adding support to the commodity based currency. Despite the gains, the ‘Loonie’ remains close to a four-year low against the Pound and Euro.

Pound Sterling

The Pound remains close to a two year high against the US Dollar but slipped against the Euro as yesterdays positive GDP and industrial data from Italy supported the single currency. The Pound is likely to see limited movement today due to a lack of important economic data releases. The next piece of UK data is not due for release until Friday with economists expecting the report to show that construction output increased by 1.6% in October.

US Dollar

The US Dollar halted its decline to push firmer against its peers due to investors increasing their bets that the Federal Reserve will announce a tapering of its monetary easing programme at next week’s policy meeting. Any hint of a reduction in the stimulus will benefit the Dollar as the programme tends to debase the currency.

The Euro

The Euro softened against the US Dollar but remains close to a six-week high. The single currency found support from yesterday’s positive data out of Italy and as European Union finance ministers came close to making an agreement on a European banking union, a measure that is seen as vital to stave off a repeat of the Euro crisis.

Australian Dollar

The ‘Aussie’ halted its gains and resumed its downward movement against the Pound due to growing expectations that tomorrow’s unemployment data will show that the number of Australians out of work will rise to match 2009 high. The overall unemployment rate is expected to have risen to 5.8% in November.

New Zealand Dollar

The ‘Kiwi’ weakened against the Pound and other peers as investors look ahead to today’s Reserve Bank of New Zealand policy meeting. Traders are predicting that the Bank will keep interest rates at a record low. The currency also came under pressure after dairy exporter Fonterra Cooperative Group surprised investors by keeping its forecast payout to farmers unchanged.

South African Rand

The Rand is muted against the US Dollar and other peers but could make some movement if today’s retail sales and inflation data surprise the market. With not much in the way of pressure being exerted upon the currency, the Rand is likely to remain relatively stable until the end of the week.

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