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Euro bailout programme under fire

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Pound Sterling

The Pound slipped to a five-and-a-half month low yesterday after the single currency rallied broadly after the Spanish Prime Minister achieved victory in a regional election, but has seen it make a small recovery due to worries over the Euro crisis.

The market’s attention is now focused on Thursday’s UK GDP data which is forecast to show that the country has managed to pull itself out of recession. If the figure is solid then the Pound would see a lift. Against the US Dollar the Pound firmed ahead of the data’s release remaining just above the all important 1.60 mark.

US Dollar

The ‘Greenback’ has hit a three-month high against the Japanese Yen due to continuing speculation that the Bank of Japan will decide to implement a new round of monetary easing. The Dollar climbed to its highest level since mid-July.

Important data for the currency today is the latest Canadian Retail sales figures. If that figure comes in better-than-expected then the ‘Greenback’ is likely to make further gains against the Yen. Against the Euro the Dollar has made gains due to the market’s continuing impatience over Spain’s potential request for a bailout.

The Euro

The Euro has weakened against the Dollar and the Pound after the Euro bailout fund faces yet another test. This time the European Union Court of Justice has weighed into the debate over the legality of the bailout programme. A complaint made by Thomas Pringle, an independent member of the Irish parliament was upheld by the court.

Investors are worrying that the Court, (which has the power to topple the European Stability Mechanism) could judge the scheme as illegal. The legal challenge has seen risk aversion grow and the demand for the safe-haven Dollar rise.

Australian Dollar

The ‘Aussie’ has held its three-day loss ahead of tomorrow’s release of the latest consumer price data. The figures are expected to show that the nation’s inflation has held at its slowest pace since 1999. The currency erased early gains against the US Dollar in Asian trading with demand for high-yielding assets being low. It touched a one-month high against the Japanese Yen on speculation that the Bank of Japan will ease monetary policy later in the month.

New Zealand Dollar

The ‘Kiwi’ has remained relatively stable due to the markets focus on domestic data. The Reserve Bank of New Zealand is expected to reveal its latest rate decision later this week. Economists are predicting that a slow inflation rate and the uncertainty in the global economy will ensure that the Reserve Bank maintains rates at 2.5%.

Canadian Dollar

The ‘Loonie’ touched its lowest level in 10-weeks against its US relation due to mounting speculation that the Bank of Canada will put less emphasis on raising interest rates at this afternoon’s policy meeting. The Central Bank’s governor has already warned that today’s economic forecast will reflect a slowdown in the world’s economy. The currency also suffered due to a weakening in its key export of crude oil. The commodity fell by 2.1% its lowest level in more than two weeks.

South African Rand

The South African Rand is trading slightly weaker against the US Dollar as the markets take a cautious approach to this week’s data releases. Wednesday sees the release of September’s inflation figures whereas Thursday sees the publication of the medium-term budget statement.