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Dollar still dragging it's heels

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Pound Sterling

The Pound has rebounded against the Dollar after weakening yesterday. The credit ratings group Standard & Poor’s lowered the UK’s AAA credit rating to negative from stable, citing weak economic growth and worsening debts as the cause. S&P’s move brought the U.K.’s rating outlook in line with Moody’s Investors Service and Fitch Ratings.

Against the Euro the Pound weakened for a fourth day. The currency could further losses against the single currency if the latest bout of economic data out of the Eurozone is better-than-expected.

US Dollar

The ‘Greenback’ resumed its bullish trend against the Yen due to heightening tensions between Japan and China. Speculation that the Bank of Japan will initiate a new round of monetary easing following elections this Sunday has also aided the Dollar.

Today, Dollar traders should keep an eye on the latest US Core CPI figures. Should the figure come in above the forecasted 0.2%, the Dollar could see additional gains vs. currencies like the Pound and Yen before the markets close for the weekend. A worse than-expected figure would see the Dollar make losses.

The Euro

The Euro resumed its upward trend during trading yesterday. Investor risk taking combined with the announcement of a new round of quantitative easing in the US led to a boost for higher-yielding assets. Against the Pound the Euro came close to a one-week high.

Australian Dollar

The ‘Aussie’ has strengthened against most of its peers, hitting a nine-month high against the Yen. The currency’s increase comes after the Chinese released December’s manufacturing data. The report from HSBC Holdings Plc and Markit Economics indicated Chinese manufacturing expanded at a faster pace in December. The preliminary reading for the purchasing managers’ index rose to 50.9 from 50.5 the previous month, above the 50 level that indicates expansion.

New Zealand Dollar

The ‘Kiwi’ has followed the Australian Dollar in its upward trend, hitting its highest level against the Yen since October 2008. Against other currencies the New Zealand Dollar could see some resistance as the ongoing US ‘fiscal cliff’ negotiations have made little headway.

Canadian Dollar

The ‘Loonie’ has weakened from an eight-week high against the US Dollar after U.S. House Speaker John Boehner said President Barack Obama was willing to let the economy go over the so-called ‘fiscal cliff’ and into recession. The Canadian currency had made gains after the latest US unemployment claims in the US fell to a nine-week low and retail sales rose.

South African Rand

The Rand has firmed against the Dollar due to being supported by a stronger Euro. The currency remains highly volatile as investors remain nervous over the

impending ANC leadership election due to be held next week.

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