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ECB under challenge by the German constitutional court

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Foreign exchange report

The Euro

The Euro softened against the US Dollar late in yesterday’s session after Federal Reserve Chairman Janet Yellen suggested that the US Central Bank will continue to taper its monthly bond buying programme. Economists are looking ahead to today’s speech by ECB President Mario Draghi for any signs of an adjustment to the Central Bank’s monetary policy in the wake of a challenge by the German constitutional court and the threat of deflation on the Eurozone.

Pound Sterling

The Pound snapped its biggest gain in two weeks against the Euro as the market awaits the release of the Bank of England’s latest quarterly inflation report. Economists are expecting BoE governor Mark Carney to announce changes in the Central Bank’s forward-guidance criteria after unemployment fell to 7.1% just off the BoE target of 7.0%.

US Dollar

The US Dollar softened against the majority of its most traded peers as economists raised their expectations that tomorrow’s retail sales data will show that sales stagnated in January. Concerns over a slowdown of the US economy are starting to put pressure on the ‘Greenback’. Comments made by new Fed Chairman Janet Yellen had little impact on the currency as most investors had predicted that she would support the continuation of tapering the Federal Reserve’s monetary easing programme.

Australian Dollar

The ‘Aussie’ is on track to reach its highest level of the year so far after the currency received a boost from Janet Yellen's comments and data which showed that China reported record high imports from Australia.

New Zealand Dollar

The New Zealand Dollar rose along with its Australian counterpart after trade figures from China beat estimates, stoking optimism that demand in the two nations biggest market isn’t wavering.

Canadian Dollar

The Canadian Dollar edged higher against the US Dollar following Janet Yellen's speech to the US Congress. Her words increased risk sentiment which bolstered the commodity and emerging market currencies and softened the ‘Greenback’. Positive data out of China also boosted market sentiment.

South African Rand

The Rand held its ground against the US Dollar and other peers after the positive data out of China boosted risk appetite. China is a major importer of South African commodity’s so any positivity in the Asian nation’s data will have a positive effect on the Rand.

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