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Chinese economic growth slows down

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Pound Sterling

The Pound has fallen slightly against the US Dollar as some investors and traders opt to purchase the safe-haven currency as market confidence falls in the Eurozone.

Against the Euro, the Pound has reversed some of its losses as the markets once again grow nervous over the state of the Eurozone. Squabbling amongst the region's leadership has continued to raise doubts that the bold European Central Bank plan announced the other week will not prove effective as long as the politicians cannot agree on how to proceed.

Currently, the Pound is trading in the region of 1.241 against the Euro and 1.623 against the US Dollar.

US Dollar

The ‘Greenback’ has made gains against the Euro and holding steady against the British Pound as demand for the safe-haven currency improved. The markets are growing increasingly nervous over the tensions between China and Japan as well as the fall in confidence over the situation in the Eurozone. The Dollar could make further gains as the indecision among Eurozone leaders paralyses progress over the Euro crisis.

Currently, the US Dollar is trading in the region of 0.616 against the Pound and 0.763 against the Euro.

The Euro

The Euro has retreated from its previous high levels and has weakened against most of its major peers. The fall comes ahead of the release of a German report that is forecast to show that investor confidence in the region fell to its lowest level for this year. Worries over the effectiveness of last week’s proposed bond buying scheme have increased as the cost of Spanish bonds rose. Concern over the state of Spain and the continuing row between EU leaders over banking supervision has once more seen confidence fall dragging on the single currency.

Currently, the Euro is trading in the region of 0.805 against the British Pound and 1.307 against the US Dollar.

Australian Dollar

The ‘Aussie’ is trading half a US cent lower today as worries about Chinese economic growth and the rising tensions between Japan’s and Australia’s biggest trading partner drag on the currency. The Reserve Bank of Australia has also released the minutes of its September board meeting. The Bank chose to leave the cash rate at 3.5% for the third month in a row.

All eyes will be focused on China’s and Japan’s Central Banks to see whether they will announce monetary programmes.

Currently, the Australian Dollar is trading in the region of 0.644 against the Pound, 0.798 against the Euro and 1.046 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has hit a five-month high against its Australian relation after the release of this month’s Reserve Bank of Australia policy meeting showed that the Bank is wary of the strength of the Aussie Dollar. The kiwi rose as high as 79.12 Australian cents, the highest level since April 24th, and traded at 79 cents from 78.63 cents on Monday.

Currently, the New Zealand Dollar is trading in the region of 0.509 against the Pound, 0.631 against the Euro and 0.828 against the US Dollar.

Canadian Dollar

The ‘Loonie’ has tumbled against the US Dollar due to oil prices falling by their highest amount in three months. Confidence in the US economy has also dragged on the Canadian currency with US manufacturing contracting more than forecast. Crude oil, Canada’s biggest export dropped more than $3 in less than a minute as October contracts were close to expiring.

Currently, the Canadian Dollar is trading in the region of 0.631 against the Pound, 0.783 against the Euro and 1.026 against the US Dollar.

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