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Dollar soars on the back of Korean nuke test

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US Dollar

The ‘Greenback’ rose to a one-month high against a basket of currencies due to an increase in demand for safe haven currencies. North Korea’s nuclear test has spooked investors away from riskier assets. The Asian nation defied the United Nations and the United States to carry out the test increasing tensions across the region.

The Dollar was also aided by comments made by a Federal Reserve governor. Jeremy Stein a member of the Federal Reserve’s Open Market Committee added to concerns over the possibility of a junk-bond bubble.

Pound Sterling

The Pound has strengthened against the Euro ahead of the release of a report that economists are predicting will show that UK inflation held steady at its highest rate since May last month. Against the Dollar the UK currency was little changed.

Pound traders should be aware of the Bank of England’s growth and inflation forecasts due to be published tomorrow.

The Euro

The Euro has weakened against the US Dollar and the Pound as the demand for riskier assets declined in the wake of North Korea’s nuclear test and the continuing political uncertainty in the Eurozone. The outcome of the upcoming Italian election is far from certain with Silvio Berlusconi and former comedian Beppe Grillo both in contention to win.

Australian Dollar

The ‘Aussie’ weakened to a three-week low against a basket of its peers after North Korea revealed that it had carried out a nuclear test. The test caused investors to seek safety in the US Dollar and Yen.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation downwards after North Korea revealed that it had successfully carried out a new nuclear test.

Canadian Dollar

The ‘Loonie’ fell to a two-week low against its US relation as concerns continue to mount that the world’s 11th largest economy is slowing down.

The currency also weakened against the majority of its peers after the latest unemployment data showed an increase in the number of people out of work. The ‘Loonie’ was also weighed down by a fall in demand for commodities and risk appetite.

South African Rand

The Rand has hit its lowest level in more than a week as North Korea’s nuclear test dented demand for riskier commodity based currencies.

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