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Dollar set for a fall

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Pound Sterling

The Pound has risen for a third day against the Euro hitting its strongest level in two weeks. The rise comes following the release of a report showing that UK industrial output advanced for the first time in three months in October.

Sterling is also set to make gains against the US Dollar due to UK industrial output rising by 0.8%. So far this year the Pound has advanced by 1.3%.

US Dollar

The ‘Greenback’ has made gains due to an increase in risk aversion. The European Central Bank slashed its growth forecasts for next year leading investors to seek safe-havens elsewhere. Dollar traders can expect heavy volatility following the release of the US Non-Farm Payrolls (NFP) figure later today. The NFP is widely considered the most significant event on the Forex calendar and its impact is typically felt throughout the marketplace. At the moment, analysts are forecasting that the indicator will come in around 90,000, which if true, would be substantially less than last month's 171,000. Any worse than expected data is likely to lead to losses for the Dollar before markets close for the weekend.

The Euro

The Euro has declined to its lowest level for a month after European Central Bank President Mario Draghi said that economic weakness will persist in the Eurozone and suggested that the Central Bank could make a further cut to the already record low interest rate. Against the Japanese Yen the currency dropped from a seven-month high and dipped to a two-week low against Sterling. Germany’s Bundesbank contributed to the weakening by downgrading its growth outlook for next year.

Australian Dollar

The ‘Aussie’ is trading close to a two-month high after data showed that the nation’s construction industry contracted at a slower pace than expected. The currency is set to make further gains ahead of next week’s round of data releases out of China. The data is expected to show that the world’s second largest economy and Australia’s biggest trade partner is improving.

New Zealand Dollar

The ‘Kiwi’ has risen to an eight-month high against the Japanese Yen after the New Zealand Central Bank decided to keep interest rates unchanged and predicted that economic growth will increase. Against the US Dollar the ‘Kiwi’ advanced for a fourth day.

Canadian Dollar

The ‘Loonie’ has hit a one-month high against the US Dollar ahead of the release of data that economists expect will show that the nation created 10,000 jobs in November, up from a 1,800 gain in October. The currency remains vulnerable to the ongoing negotiations over the ‘fiscal cliff’ and any negative news is sure to impact the ‘Loonie’.

South African Rand

After a strong showing late yesterday the Rand has once more retreated against the US Dollar. The currency had received a boost from better-than-expected domestic current account data which pushed it up to a one-month high against the ‘Greenback’. The Rand is highly vulnerable to changes in global investor sentiment and if the US posts worse-than-expected payroll numbers the Rand will surely suffer.

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