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Chinese economy stuns demand for US dollar

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Pound Sterling

The British Pound has weakened for a third-consecutive week against the US Dollar due to a run of poor UK economic data and a broader strengthening of the Dollar. The currency may see a reversal of fortunes over the next week as the UK’s upcoming inflation data and the latest Bank of England minutes could spark a bounce.

Bank of England meeting minutes, Jobless Claims Change data, and Retail Sales growth figures are all due between Tuesday and Thursday. Despite the weakening the Pound remains above the important 1.60 mark.

US Dollar

The ‘Greenback’ is trading lower against a basket of currencies due to promising economic data emerging out of China. The world’s second biggest economy posted stronger-than-expected export figures tempering concerns that the country’s economy is slowing down. Chinese officials revealed that overseas shipments had increased by 9.9% in September compared to the previous year. The news stunted demand for the safe-haven Dollar.

Against the Euro the Dollar was down as the markets grow optimistic that this week’s meeting of European leaders will make progress on alleviating the regions debt crisis.

The Euro

The Euro fell for the first time in three days against the US Dollar before making a recovery. Concerns over faltering growth in the region are threatening to overshadow hopes that the region’s leaders will make progress on resolving the debt crisis.

The single currency has dipped against 10 of its 16 major counterparts as investors take a wait-and-see approach over whether Spain will soon request a bailout. The key focus for the Euro this week is the meeting of EU leaders in Brussels due to be held on October 18th.

Australian Dollar

The ‘Aussie’ is hovering above a three-month low against the US Dollar following the currency’s decline at the end of last week and as the market awaits the publication of the Reserve Bank’s minutes for October. The governor of the Reserve Bank also hinted that there was further scope to cut interest rates further.

New Zealand Dollar

The ‘Kiwi’ has fallen in local trading to a one-month low, as the markets grow increasingly frustrated over Spain’s hesitation to seek a bailout. The currency was also weakened by the ‘Aussie’s’ slide to a three-month low and as concerns mount that the nation’s economy is slowing down.

The uncertainty over Spain has caused investors to shun risk-sensitive assets and seek shelter in safer assets. The slowing pace of growth in the New Zealand economy also dragged down on the currency.

Canadian Dollar

The ‘Loonie’ is slightly up against its US relation due to China posting stronger-than expected trade and economic data. The currency was struggling to make any gains over the weekend as the markets were unsure over the state of the North American economy and the continuing uncertainty over Spain. The Canadian Dollar remains above parity with its US relation.

South African Rand

The Rand remains’ struggling after the ratings agency Standard & Poor’s slashed South Africa’s credit rating. So far this month, the currency has suffered from multi-year lows against the US Dollar and from labour tensions in the South African economy. South Africa's currency had recovered some losses in recent sessions as some workers' unions accepted deals this week that brought their strikes to an end, but S&P’s announcement halted that recovery causing investors to worry once more.

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