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Downturn for the Dollar

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Daily Currency update

Pound Sterling

The Pound is little changed against the US Dollar and Euro after a report showed that UK business sentiment and hiring intentions improved in March. The confidence index increased to 92.2 from the 90.6 recorded in February. Confidence amongst employers however showed a slight decline falling to -45 in March from the -44 in February. The currency found some support after credit ratings agency Standard & Poor’s confirmed the country’s top AAA credit rating over the weekend.

US Dollar

The ‘Greenback’ has weakened against its peers due to the currency still being impacted by Friday’s double whammy of negative jobs data. Employers in the world’s largest economy added fewer jobs in March than forecast, one bright point in the data however was that the nation’s overall jobless rate has now fallen to 7.6%

The data took economists by surprise as many had been predicting that at least 190,000 new jobs would be created. Instead US payrolls grew by just 88,000 workers, the worst gain in nine-months and far worse than the revised gain of 268,000 recorded in February. As a result of the data the US Dollar could now begin a period of devaluation as federal spending cuts have only just come into effect and are set to be a substantial drag on the US economy between April and June.

The Euro

The Euro remains trading close to the psychological 1.30 level against the US Dollar after the American currency took a beating following the double hit of weak economic data on Friday. The single currency could however struggle to make gains against the Dollar as negative attention now turns to Portugal. The nation’s constitutional court ruled to reject some of the austerity measures from the 2013 budget. Currencyfair said The currency was also weakened by comments made by EU economic affairs Chief Olli Rehn who hinted that large bank depositors may be affected in any new bailouts.

Australian Dollar

The ‘Aussie’ weakened against a number of its peers over the weekend as the impact of Friday’s disappointing US jobs data affects the market. Against the Japanese Yen however the currency has strengthened to levels not seen since the 1990’s as the Bank of Japan begins to implement its new aggressive monetary easing programme.

New Zealand Dollar

The ‘Kiwi’ has hit a record high against the Japanese Yen as the Bank of Japan takes action to print massive amounts of money. The currency may extend gains against the Yen and Australian Dollar this week, with employment figures across the region due on Thursday. The New Zealand Economic Institute of Research's quarterly survey of business opinion is scheduled for tomorrow and will provide an update on how local firms are seeing the economic recovery.

Canadian Dollar

The ‘Loonie’ remains weak against the US Dollar after plunging on Friday. The currency is expected to remain weak and could make further declines as the Canadian economy begins to post disappointing economic data. The currency has reacted to a raft of poor economic indicators, including the loss of 54,500 jobs in Canada in March, a fatter February trade deficit of $1-billion and weaker-than-expected job creation in the United States.

South African Rand

The Rand is close to a four-week high against the US Dollar as the currency continued to benefit from accommodative policies of the major Central Banks.

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