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Could Cyprus be Eurozone lynch pin?

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Pound Sterling

The Pound strengthened to its highest level in a month against the US Dollar as economists await the release of data that is expected to show that UK retail sales increased in March. The Confederation of British Industry is expected to say that sales growth grew to 13 from the 8 recorded in February. Against the Euro, Sterling is close to a six-week high as concerns over the Cyprus bailout continue to unnerve the market.

US Dollar

The ‘Greenback’ has strengthened against the Japanese Yen after Bank of Japan governor Haruhiko Kuroda outlined new monetary easing plans. Against the Pound the Dollar fell to its lowest level in a month as the UK currency continues to recover some of its lost strength. Against the Euro the US currency remains strong as continued risk aversion over the Cyprus bailout continues.

The Euro

The Euro fell to a fresh four-month low after Dutch finance minister and Eurogroup head Jeroen Dijsselbloem alarmed markets by saying that the Cyprus bailout could be used as a template for other possible bailouts. Worries are growing among the smaller Eurozone nations that they could be next for the Cyprus treatment if they fall on hard times. Nations such as Malta and Luxembourg all have a similar reliance on finance. The currency continues to be weighed down by political uncertainty in Italy as still no government has been formed.

Australian Dollar

The ‘Aussie’ is trading close to its highest level in two-months as traders pared their bets on further interest rates after the Reserve Bank Governor Glenn Stevens didn’t talk about monetary policy in his monthly speech.

New Zealand Dollar

The ‘Kiwi’ has strengthened against most of its peers after the nation posted a bigger-than-expected trade surplus of $414 million in February. The strong trade data was a result of growing exports to China.

Canadian Dollar

The ‘Loonie’ made gains against the majority of its most traded peers after the price of the country’s biggest export of crude oil rose to a one-month high. The currency is expected to find further support after economic data is likely to show that the Canadian economy grew by 0.1%.

South African Rand

The Rand has firmed against the US Dollar as it benefitted from positive sentiment caused by the Cyprus bailout. However after comments by the Dutch finance minister Jeroen Dijsselbloem the currency followed the Euro downwards. The Rand remains vulnerable to a host of issues ranging from the Eurozone crisis to labour unrest and the nation’s large trade and budget deficits.

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