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Euro Edges up as the Pound falls

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Pound Sterling

The Pound is little changed against the Euro and US Dollar before the release of a report that is expected to confirm that the British economy grew in the first quarter of the year. Gross domestic product increased by 0.3% in the final quarter of 2012.

Yesterday saw Sterling decline against a number of its peers after Bank of England Policy maker David Miles said that the UK economy remains weak and reasserted his call for further monetary easing.

US Dollar

The ‘Greenback’ weakened against a number of its peers ahead of a Federal Reserve policy meeting. Investors are speculating that the Central Bank will put further weight behind its call for a slowdown in its stimulus programme. The ‘Greenback’ could find support in the session however if the latest initial jobless claims data shows further sign of improvement.

The Euro

The Euro edged upwards against the Pound and US Dollar ahead of the release of data that investors predict will show an improvement in the Eurozone’s business climate. Consumer confidence is also due for release. Any improvement will support hopes that the region is showing signs of a turnaround. The Euro also found support from speculation that European Union leaders will renew their pledge to take action against the region’s high unemployment rate.

Australian Dollar

The ‘Aussie’ strengthened for a fifth-day against the US Dollar and continued to make gains against Sterling as Kevin Rudd ousted Julia Gillard to become Australia’s Prime Minister. The Australian currency also found support as the Federal Reserve is expected to dampen down the market’s reaction to its possible easing of its stimulus programme. Federal Reserve Bank of New York President William Dudley is expected to talk down the easing plans.

New Zealand Dollar

The ‘Kiwi’ strengthened against its peers after business confidence jumped to a three-year high in June. The currency also found support after yesterday’s disappointing US data cast doubt over the Federal Reserve’s plans to ease its monetary easing programme.

Canadian Dollar

The ‘Loonie’ strengthened against the US Dollar for the first time in nine days yesterday after Federal Reserve President Jeffery Lacker said that he expects the US economies expansion to remain sluggish, bolstering support for the Reserve to sustain its stimulus programme.

South African Rand

The Rand remains firm after being supported by inflows ahead of the South African financial quarter. The main data release for the currency today include the latest producer price inflation data and the results of the inflation expectation survey from the Bureau for Economic Research.

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