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Demand for the Dollar remains strong

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US Dollar

The US Dollar firmed in subdued trading against its most traded peers. Demand for the Dollar remained supported from the recent run of positive economic data. The currency found further support yesterday after data showed that US personal spending increased by 0.5% in November, the highest increase since June.

Pound Sterling

The Pound is close to hitting a two-year high against the US Dollar as investors await the release of a report that is expected to show that UK mortgage approvals increased yet again in November. As a result of the currency’s recent strong run Sterling is set to make a second yearly gain against the ‘Greenback’. Trade is likely to be relatively muted today due to the Christmas holiday season.

The Euro

The Euro is little moved against its peers as the markets wind down for Christmas. The currency found some support in the morning after data released in France and the Netherlands came in positively. There are no more data releases for the region until Friday.

Australian Dollar

The ‘Aussie’ softened against the Pound and other peers as investors consolidate their gains for the year. The Australian dollar was not expected to move significantly over the next day or two, as investors break for the Christmas holiday.

New Zealand Dollar

The ‘Kiwi’ is little moved against its peers due to a lack of liquidity as the Christmas holidays approach. The currency is unlikely to make any significant movement until next week when traders come back to work.

Canadian Dollar

The Canadian Dollar softened against its US relation and is little moved against its other peers following yesterday’s positive consumer spending report out of the USA. The Christmas holidays have seen the market slow as traders and investors embark on their festive breaks.

South African Rand

The Rand firmed against several peers yesterday but is unlikely to make much movement for the rest of the week as many market players take end of year breaks. Events in the wider world are likely to give the currency direction over the next week or two.

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