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Pound Sterling

There has been positive movement for the Pound against its European rival after the weight of numerous pressures proved too much for the Euro. Spanish and Greek concerns coupled with disappointing data for Germany and France saw Sterling continue the advances made against the common currency yesterday. The Euro has now dropped to more than a two week low against the Pound. Conversely, Eurozone concerns have led to the Pound pulling back from the 13-month peak against the US Dollar achieved last week, falling to 1.6194 US Dollars. Sterling is still expected to receive a boost on Friday following the payment of European Union farm subsidies worth in the region of 3 billion Euro’s.

Currently the Pound is trading in the region of 1.2575 against the Euro and 1.6243 against the US Dollar.

US Dollar

Further Eurozone turmoil allowed the US Dollar to advance on its primary trading partners as investors once again turned to the safe-haven currency. Worse than expected German data worked in the ‘Greenbacks’ favour and with more Eurozone data due for release this week the US Dollar could continue to gain. The CB Consumer Confidence figure is the main piece of US economic news to watch out for today. Analysts are forecasting a slight improvement on last month. If these expectations prove accurate then the US Dollar could recoup on recent losses against the Japanese Yen, but if the figure fails to match up then the American currency could experience some losses.

Currently the US Dollar is trading in the region of 0.6153 against the Pound and 0.7743 against the Euro.

The Euro

Prior to Italy and Spain’s debt auction (scheduled to take place later today) the Euro dropped for a sixth consecutive day and hit its weakest level against the US Dollar for more than a week. Disappointing data from the biggest economies in the 17-nation currency bloc contributed to the situation and analysts are foreseeing little chance of Eurozone improvement in the days to come which will keep markets cautious. French industrial confidence remained near a two year low at 90, unchanged from the previous month. With a speech from European Central Bank President Mario Draghi to come the Euro is expected to experience more volatility in the hours ahead.

Currently the Euro is trading in the region of 0.7943 against the British Pound and 1.2913 against the US Dollar.

Australian Dollar

In response to positive Chinese data the Australian Dollar has recovered from yesterday’s declines. The ‘Aussie’ gained against the majority of its peers after the Conference Board announced a rise in its leading economic index for China in August to 240.4. The 1.7 increase on the previous month has done much to counteract concerns of dissention among prominent Eurozone leaders with eased risk aversion seeing the Australian Dollar advance to 1.0432 US Dollars. However, in light of the significant Eurozone data due for release this week it is likely that the market will continue to remain cautious.

Currently the Australian Dollar is trading in the region of 0.6417 against the Pound, 0.8077 against the Euro and 1.0427 against the US Dollar.

New Zealand Dollar

Recent reports from the Eurozone have caused the New Zealand Dollar to slip against its main trading partners. Yesterday data showed that German business confidence had weakened despite economist’s expectations for an increase. This, in combination with the International Monetary Fund’s hints at a potential downgrade in its predictions for global economic growth, caused the New Zealand Dollar to drop from 50.77 British Pence to 50.72 and 82.39 US Cents to 82.16. Although current figures showed that the New Zealand economy grew twice as fast as expected in the second quarter a repeat in the third quarter is not expected and weaker global demand is still being reflected in the price of key New Zealand exports like coal.

Currently the New Zealand Dollar is trading in the region of 0.5078 against the Pound, 0.6393 against the Euro and 0.8258 against the US Dollar.

Canadian Dollar

Following negative developments in the Eurozone the Canadian Dollar continued to soften against its US counterpart. With more less-than-positive data concerning the currency bloc scheduled for release this week it seems likely that the ‘Loonie’ could decline further as investors turn away from it and towards the traditional safe-haven of the US Dollar. However, if the US house price index for July disappoints the Canadian Dollar could make up for its recent losses. The next Canadian news to watch out for is Canadian retail sales for July.

Currently the Canadian Dollar is trading in the region of 0.6284 against the Pound, 0.7916 against the Euro and 1.0219 against the US Dollar.

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