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Commodity increased due to Rand Rate

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South African Rand making headlines

The Rand softened from yesterday’s three-month high but is expected to remain supported by improving risk appetite and commodity price rises. The currency also found support by the South African Central Bank’s decision to leave interest rates unchanged at yesterday’s policy meeting.

Pound Sterling

The Pound made gains against the Euro and US Dollar following the release of yesterday’s solid UK retail sales data. Sterling jumped against its peers after the Office for National Statistics revealed that retail sales climbed by 1.7% in February and soared by 3.7% from the previous year.

US Dollar

The US Dollar firmed against many of its peers following the publication of upbeat fourth-quarter GDP data and a better-than-expected weekly jobless claims report. The positive data kept expectations that the Federal Reserve will continue to taper its easing programme and raise interest rates next year high.

The Euro

The Euro slumped to its worst level in three-weeks against the Pound and was down against a number of major peers as speculation builds that the European Central Bank will ease monetary policy to help bolster the weak Eurozone recovery. Central-bank Governing Council member Luis Maria Linde said yesterday policy makers take the risk of deflation seriously and more monetary easing hadn’t been ruled out.

Australian Dollar

The ‘Aussie’ is set to make a weekly gain against most of its major peers and continued to push higher after Chinese leader Li Keqiang said that he is confident that China’s growth will be within a reasonable range and that nation cannot ignore the risks to the economy. His words raised speculation that the Chinese Authority’s could be planning to implement stimulus measures.

New Zealand Dollar

The New Zealand Dollar continued its rise against its rivals after it received a boost from improving risk appetite and positive comments by Reserve Bank of New Zealand deputy governor Grant Spencer. He suggested that New Zealand’s exporters were adjusting well to the high exchange rate.

Canadian Dollar

The Canadian Dollar firmed against several major peers due to a rise in risk sentiment and as commodity prices increased. The negative data out of China over the past few weeks became a positive for riskier assets as investors raised their bets that it will spur the Chinese authorities into introducing easing measures