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Pound Sterling

The Pound has weakened against all of its peers dropping to a two-week low against the US Dollar. Against the Euro, Sterling fell to its weakest level in more than a week. The decline comes as investors await the Bank of England’s latest policy decision and as economic data showed that the UK service sectors output declined in March.

Economists are predicting that the service PMI declined to 51.5 from the 51.8 recorded in February. A reading above 50 indicates expansion. If the data comes in worse-than-expected we can expect the Pound to weaken further.

US Dollar

The ‘Greenback’ continued to strengthen against the majority of its peers as investors seek safe options. Ongoing economic troubles in the Eurozone and UK as well as worries in Asia over the continuing rising tensions caused by North Korea in Asia have lessened the demand for riskier assets.

The Euro

The Euro has halted its gains against the US Dollar due to European Central Bank officials gathering for a policy meeting. Most economists believe that ECB President Mario Draghi will choose to keep the Eurozone’s borrowing costs at the record-low level of 0.75%.

Australian Dollar

The ‘Aussie’ rebounded against its New Zealand relation and strengthened against Sterling after traders pared their bets that the Australian Reserve Bank will not cut interest rates and as the country’s retail sales climbed by their highest level in more than three years.

New Zealand Dollar

The New Zealand Dollar edged lower in local trading as investors await the central bank meetings in Europe, the UK and the Bank of Japan. The currency was also weighed down by a lowering in the price of commodities.

Canadian Dollar

The ‘Loonie’ weakened from a six-week high against its US counterpart due to the price of crude oil, the country’s biggest export, posting its biggest decline in more than four months. The currency was also weakened by the release of a report that showed that US companies added fewer jobs than forecast in March.

South African Rand

The Rand is trading in a narrow range today as traders remain cautious ahead of policy meetings at the Bank of England and European Central Bank. The European Union is South Africa's biggest trading partner and the Rand often follows movements of the Euro.

The currency is unlikely to move significantly ahead of the meetings and the release of U.S. non-farm payrolls data on Friday.

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