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Pound Sterling

The Pound has weakened against the US Dollar, approaching its lowest level in a month due to an industry report which showed that UK retail sales slowed in December. Against the Euro, Sterling weakened for a third day. According to the British Retail Consortium retail sales were only saved from a decline by a jump in online non-food sales, meaning that sales held steady at 0.3%. Economists had been predicting a rise of 0.5%.

US Dollar

The ‘Greenback’ showed little movement yesterday due to a lack of news and data releases. The currency increased against the Pound as investors opted for the safe haven currency after the markets were disappointed by the UK’s latest retail sales report.

Today, traders are expecting another slow day due to a lack of significant news events in the US; instead traders should keep an eye on any developments out of the Eurozone. Any signs that the European Central Bank is considering an EU interest rate cut in the near future could lead to risk aversion in the marketplace, which would boost the safe-haven Dollar.

The Euro

The Euro has weakened against the US Dollar due to speculation that the European Central Bank may be preparing to lower the regions’ interest rates leading to risk aversion among investors. Today, Euro traders should be aware of the latest EU retail sales and Unemployment rate figures, if either set of data comes in below their expected levels, it could lead to an increase in the expectation of a rate cut. Later in the week, all eyes are likely to be on the ECB Press Conference, in which EU officials will be able to go into detail about the current state of the Euro-zone economic recovery.

Australian Dollar

The ‘Aussie’ weakened for the first time in three days after the country posted its biggest trade deficit in more than four years. The currency also made losses against the Japanese Yen due to speculation that the Japanese currency’s recent losses were excessive. According to the Australian statistics bureau, Australian imports outnumbered exports by as much as A$2.64 billion in November, the biggest deficit since March 2008.

New Zealand Dollar

The ‘Kiwi’ has weakened slightly due to a slide in Asian equities which reduced demand for higher yielding assets. The currency however, remains higher against the Australian Dollar after data showed that consumer demand rose in the smaller nation.

Canadian Dollar

The ‘Loonie’ made gains against its US relation yesterday due to a rise in purchasing activity in December helped the currency remain strong and boosted optimism in the nation’s economy. The Canadian currency remains trading strongly thanks to last Friday’s strong employment data hinting at a strengthening of the economy.

South African Rand

The Rand has weakened due to a resurgence of the unrest and uncertainty regarding the nation’s mining and farming industries. The currency is also still feeling the impact of last week’s US Federal Reserve speech that suggested that no further quantitative easing will be implemented into the US economy.

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