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Could EU spark currency war?

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Pound Sterling

The Pound has advanced for a third-day against the US Dollar after Bank of England Governor Sir Mervyn King reassured the market that policy makers are not trying to weaken the UK currency. As a result Sterling advanced close to its strongest level this month. This week Sterling has gained by 1.2% making it the second best performing currency after the Australian Dollar.

US Dollar

The ‘Greenback’ is set to end its longest streak of weekly gains in eight-months due to the market awaiting the release of data that is expected to show that price increases in the US are in check. If the data proves what economists are expecting, it will reduce the pressure on the Federal Reserve to curb its monetary easing policy. The currency was also weakened by data that suggested that the Dollar’s recent advances may have come too fast.

The Euro

The Euro has weakened against the Pound and Dollar due to the Eurozone posting worse-than-expected economic data. The currency was also weighed upon after European Union leaders agreed to loosen the harsh austerity measures being imposed on national budgets. Euro group Chief Jean Claude Juncker also signalled that Europe is no longer willing to have an overvalued exchange rate, describing the Euro as ‘dangerously overvalued’. As a result of his comments speculation has grown that it could provoke a global currency war.

Australian Dollar

The ‘Aussie’ is heading for its strongest weekly gain in six-months as the market awaits the release of the minutes of the Reserve Bank of Australia’s latest policy meeting. The Minutes from the Reserve Bank of Australia’s meeting held on the 5th of March is due on March the 19th, and will give insight into the thinking of policy makers after they left the developed world’s highest benchmark interest rate unchanged for a third-time in a row.

New Zealand Dollar

The ‘Kiwi’ recovered some of its losses against the US Dollar following yesterday’s slide but weakened against Sterling as some traders deemed the British currency has been oversold. Today sees the release of the latest Manufacturing Index data which is expected to show improvement.

Canadian Dollar

The ‘Loonie’ strengthened against the US Dollar and the majority of its peers after the nation’s new-home price index rose and American jobless claims dropped, adding to signs that Canada’s economic recovery is gaining traction.

South African Rand

The Rand has recovered from 4-year lows against the US Dollar due to positive production data. The currency remains vulnerable to labour unrest and investors are keeping a close eye out for any signs that illegal worker strikes are spreading in South Africa’s coal mining sector. Production at Anglo American's Kleinkopje coal mine stopped for a day during an illegal strike on Wednesday. Miners also staged walk-outs at five Exxaro mines earlier in the month. daily currency update

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