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Cyprus gets €10 billion bailout

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Currency update from Sendmoneyhome

Pound Sterling

The Pound strengthened to its highest level in a month against the US Dollar after the latest UK house price data showed that prices climbed to their highest level in three-years, with the average value of a home in England and Wales jumped by 0.3%, the biggest increase since March 2010. Against the Euro, Sterling weakened slightly after Eurozone ministers agreed to a €10 billion bailout of Cyprus.

US Dollar

The ‘Greenback’ weakened against the Pound and the Euro but is expected to make gains in the week. Tomorrow sees the release of the latest Durable Goods data and the latest consumer confidence report, whilst on Thursday the newest GDP data comes out. All of the data is expected to show an improving picture for the US economy.

The Euro

The Euro strengthened against the majority of its peers after European finance ministers approved the bailout for Cyprus, reducing risk aversion to the currency as the threat of a default and disorderly Euro exit for the nation was lowered. The currency’s gains could be limited as economists begin to worry about what will happen when Cypriot banks reopen for business. The possibility of a bank run has probably increased as a result of the deal.

Australian Dollar

The ‘Aussie’ strengthened to a two-month high after the bailout of Cyprus was agreed. Risk aversion was lowered as a result, meaning that investors were happier to deal with the riskier commodity based currencies. Tomorrow sees Reserve Bank of Australia governor Glenn Stevens make his monthly speech which the market will watch closely for any hints of a possible interest rate change.

New Zealand Dollar

The ‘Kiwi’ has weakened against the Euro after the Cypriot government agreed to a bailout with the European Union and International Monetary Fund.

Canadian Dollar

The ‘Loonie’ is up slightly against its US relation as most of the market’s attention focuses on Cyprus. The currency has benefitted from the reduction of risk aversion for commodity based currencies.

South African Rand

The Rand has firmed slightly against the US Dollar after the currency was buoyed by news that a strike at one of South Africa’s major coal mining operations has been resolved. The risk of the nation suffering power cuts as a result of coal shortages has been reduced. The currency was also aided by the strengthening of the Euro following the Cyprus bailout deal.

Currency update from Sendmoneyhome

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