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Euro boosted after strong efforts to combat debt crisis

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Pound Sterling

The Pound has risen against the US Dollar as investors expect Spain’s credit downgrade by ratings agency Standard & Poor’s will lead to Madrid requesting a bailout. This caused an improvement in risk sentiment which benefitted the Pound. The broader recovery in demand for riskier currencies caused the Pound to weaken against the Euro.

Sterling rose 0.2% against the Dollar to 1.6029, edging further away from a one-month low of 1.5975 hit on Tuesday. With no UK data releases due for today the Pound will be at the mercy of events in the Eurozone and the broader global economy.

US Dollar

The ‘Greenback’ has weakened against 13 of its 16 most traded peers as speculation mounts that Spain will request a formal bailout and optimism returns that the Euro’s debt crisis is easing. The Dollar was also weakened due to the release of a report showing that US unemployment benefit applications fell. Confidence that the US economy is recovering has raised demand for riskier currencies causing the safe haven Dollar to weaken.

The Euro

Strong rhetoric from Eurozone leaders and praise from international finance chiefs for the region’s efforts to combat the debt crisis has seen confidence return to the Euro. The single currency has strengthened against both the Pound and US Dollar as risk appetite returns to the markets. The European Central Bank was hailed by Goldman Sachs for ‘removing a lot of risk off the table’ at the International Monetary Fund’s meeting in Tokyo, raising optimism that Europe is heading in the right direction.

Australian Dollar

The ‘Aussie’ has risen to its highest level for a week due to a rise in commodity prices and increased demand for riskier currencies. The currency has strengthened against most of its 16 major counterparts after the price of iron ore, Australia’s biggest export, rose to a two-month high. Over the past three months the ‘Aussie’ has fallen by 2.9%. If commodity prices remain high then the currency could reverse its fortunes.

New Zealand Dollar

The ‘Kiwi’ has followed its Australian relation upwards against the US Dollar after the US posted its latest trade deficit figures. The figure for August showed the deficit had widened giving a boost to the ‘Kiwi’. There is no significant New Zealand data set for release until next Tuesday when the Consumer Price Index by Statistics New Zealand and Australia's full monetary policy statement are set for release.

Canadian Dollar

The ‘Loonie’ has advanced for the first time in three-days against its US relation as commodity prices rallied and Canada posted a narrowing of its trade deficit. According to Statistics Canada the deficit fell from C$2.53 billion to C$1.35 billion. The country’s biggest export of crude oil saw its prices gain 1.2% benefitting the currency. Improved appetite for riskier currencies has also aided the ‘Loonie’.

South African Rand

The Rand has posted its first weekly gain in over a month after some of the nation’s striking truck drivers went back to work and the latest US jobs data boosted demand for riskier currencies. The South African currency has climbed by 1.6% this week making it the best performer out of 25 emerging-market currencies.

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