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Dollar up on the Yen

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US Dollar

The US Dollar climbed to a two-week high against the Japanese Yen after the Bank of Japan announced that it was keeping interest rates on hold but extended its bank lending scheme. The BOJ said that it was going to double part of a growth lending program and said individual banks could borrow twice as much as previously under a second facility. Against the Pound, the Dollar was close to a four-year low and against the Euro the ‘Greenback’ was hovering around a three-week low.

Pound Sterling

The Pound is close to a four-year high against the US Dollar but retreated slightly against the Euro as investors embarked on a bout of profit taking during Monday’s session. Economists are awaiting the release of data which is expected to show that the UK’s annual inflation rate remained at the 2% target set by the Bank of England. A worse-than-forecast figure is likely to create significant volatility for the currency.

The Euro

The Euro firmed against most of its peers on Monday after it found support from the news out of Italy that Matteo Renzi has been appointed Prime Minister. Renzi’s appointment was seen as market positive due to him being young and having a reputation for getting things done. Also supporting the single currency were comments made by ECB governing council member Ewald Nowotny. He said that the banks bond buying programme is no longer relevant due to the improving economic situation.

Australian Dollar

The ‘Aussie’ remains at a one-month high against the US Dollar and was little moved against the Pound after the Reserve Bank of Australia said that it plans to keep interest rates on hold for a while. The announcement was expected by economists so had little impact on the market.

New Zealand Dollar

The New Zealand Dollar softened against the US Dollar and other peers but losses were limited due to the US currency remaining under pressure from last week’s disappointing data releases.

Canadian Dollar

The Canadian Dollar firmed against the US Dollar and other peers on Monday after crude oil prices increased for the first time in three-days. The currency then slipped slightly as China drained funds out of its banking system, a move which caused emerging currencies to drop and dampen demand for riskier assets.

South African Rand

The Rand fell against most of its peers as emerging currencies fell after China drained funds from its banking system and as investors speculated that unrest in Thailand will harm that country’s growth. Investors will be watching local consumer inflation figures due on Wednesday and Chinese PMI data on Thursday. The Rand could rise if the inflation data beats expectations.

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