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Economists predicting further growth in US economy

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Pound Sterling

The Pound has strengthened for a second-day against the US Dollar after the Bank of England said that the UK’s public finances will benefit by £17 billion from transfers from its asset purchasing programme. Against the Euro, Sterling advanced for a third day. The Pound looks set to remain steady for the rest of the week due to a lack of key economic data for the UK.

US Dollar

The ‘Greenback’ is close to a seven-month high against a basket of currencies due to positive US retail sales data bolstering hopes that the world’s largest economy can cope with the tax hikes and spending cuts that began this year. Today sees the release of the latest US Producer Price Index; economists are predicting the figure will improve from 1.4% to 1.8%.

The Euro

The Euro is being weighed down due to ongoing concerns over the political situation in Italy and because output from Eurozone factories fell more-than-expected. Industrial production across the region fell by 0.4% in January from December. On a year by year basis factory output has fallen by 1.3%.

Australian Dollar

The ‘Aussie’ has strengthened against the majority of its peers due to a massive surge in employment. The number of new jobs created in February soared by 71,500 taking economists by surprise after they predicted a rise of just 10,000. The unemployment rate in Australia has now fallen to 5.4%. The strong figures have lowered the chance of the Reserve Bank of Australia lowering interest rates to effectively 0%.

New Zealand Dollar

The ‘Kiwi’ has tumbled against the US Dollar weakening by 1 US cent after the Reserve Bank of New Zealand said that interest rates will remain at a record low for the rest of the year. The currency is also being weighed down by the ongoing drought affecting the country’s north island.

Canadian Dollar

The ‘Loonie’ remains weaker against its US counterpart due to a decline in commodity prices and the positive economic news out of the USA. The value of the country’s biggest export, crude oil fell by two cents to US$92.52 a barrel. The currency is also being weighed down by risk aversion as investors continue to be wary of the ongoing political deadlock in Italy.

South African Rand

The Rand fell to a four-month low against the US Dollar yesterday after the currency was weakened by weaker-than-expected retail sales data and as investors opted to sell over South Africa’s economic troubles. The currency is expected to weaken further if today’s manufacturing data comes in lower-than-expected. daily currency update

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