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Pound Sterling

The Pound continues to weaken against the Euro due to speculation that the Bank of England will revise down its growth forecast and boost its inflation predictions at today’s meeting. Against the US Dollar, Sterling is close to its weakest level in six months. So far this year the Pound has weakened by 3.9% making it the second-worst performer after the Yen.

US Dollar

The ‘Greenback’ has slipped against the majority of its rivals, including the Japanese Yen due to concerns that Japan could come under pressure from global leaders over the currency’s sharp depreciation. So far this year the Dollar has climbed by 17% against the Yen after the Asian nation began its monetary easing measures.

The Euro

The Euro has strengthened against the Pound and US Dollar due to France voicing concerns over the strength of the single currency at the Eurozone finance

ministers meeting in Brussels. Germany and the European Central Bank gave the currency support by saying that they are against any attempts to weaken the Euro.

Australian Dollar

The ‘Aussie’ has strengthened against most of its major peers due to the nation’s latest gauge of consumer confidence surging to a two-year high. The data has lessened the chances that the Central Bank will cut interest rates. Consumer confidence has jumped by 7.7% in February to its highest level since December 2010.

New Zealand Dollar

The ‘Kiwi’ has slipped against the Japanese Yen ahead of the release of Japanese economic growth figures and a Bank of Japan meeting due to be held tomorrow. Against a basket of other currencies the New Zealand Dollar’s relative value climbed to over a five-year high.

Canadian Dollar

The ‘Loonie’ strengthened from its weakest level in a month against the US Dollar due to a Chinese company taking a step closer to buying Nexen Inc a Canadian oil company. The currency was also helped by the price of Crude oil climbing to its highest level in more than a week.

South African Rand

The Rand remains below R9 despite recovering some of its losses from yesterday. Rand traders should be aware of the release of the latest retail sales data. Economists are predicting that sales fell sharply to 1.2% on a year to year basis, down from the previous figure of 3.4%.

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