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Pound Sterling

The Pound has hit a six-week high against the US Dollar due to the US Federal Reserve implementing a further round of quantitative easing and the release of better-than-expected UK jobs data. Further gains are expected as the markets digest the news of the Fed’s decision.

Against the Euro the UK currency has weakened slightly after European Leaders finalised a deal agreeing to the European Central Bank taking a more important regulatory role for the Eurozone.

Traders of Sterling should be aware of further news emerging out of the Eurozone and any progress in the talks regarding the US ‘fiscal cliff’.

US Dollar

The ‘Greenback’ has taken losses against the majority of its currency peers after the US Federal Reserve announced a fourth round of quantitative easing. Against the Japanese Yen the Dollar hit an eight-month high of 82.90 due to speculation that the Bank of Japan is likely to implement a new round of monetary easing in the very near future.

‘Cable’ traders should be aware of the release of the latest Core Retail Sales and PPI figures which are expected to come in lower than last month’s figures, if

this turns out to be the case than the currency is likely to make further losses.

The Euro

The Euro has strengthened against most of its currency rivals following the agreement of European leaders to put the European Central Bank in charge of all Euro-area lenders. The deal is thought to be the first step in a unified banking union. The currency was also bolstered by better-than-expected economic data out of Germany and signs of progress in the ‘fiscal cliff’ negotiations. While good German news helped the Euro in recent days, uncertainties regarding the economic and political situations in Italy and Spain still threaten to weaken the currency. If today's summit signals any kind of slowdown in the EU economic recovery, the Euro could see downward movement going into the end of the week.

Australian Dollar

The ‘Aussie’ is hovering close to a three-month high after being buoyed by the US Federal Reserve’s announcement that it would be implementing a new round of monetary easing. Against the Japanese Yen the currency hit a nine-month high due to expectations that a new government could be elected over the weekend. Analysts believe that a new regime would introduce a new round of monetary easing.

New Zealand Dollar

The ‘Kiwi’ has hit a four-year high against the Japanese Yen and strengthened against its Australian neighbour. The rise comes after the US Federal Reserve announced new monetary easing measures and the belief that a new Japanese government would implement a new aggressive monetary policy. New Zealand manufacturing figures showed a small contraction in activity last month, as production and new orders slowed down, and analysts are looking towards next week's release of fourth quarter balance of payments and gross domestic product.

Canadian Dollar

The ‘Loonie’ strengthened against its US relation after the U.S. Federal Reserve embarked on another bond-buying program to keep long-term interest rates low and to support a fragile recovery. The Canadian currency was also bolstered by an increase in gold, copper and crude oil prices.

South African Rand

The Rand has firmed against the US Dollar after the US Federal Reserve announced its new round of monetary stimulus to bolster the world’s biggest economy. Rand traders should be aware that South Africa’s Bureau of Economic Research will be releasing fourth quarter inflation expectations and Statistics South Africa will be releasing the latest producer inflation data.

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