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Euro expected to fall this week

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Pound Sterling

The Pound is little changed as economists await the release of data which is expected to show that the number of people in the UK claiming unemployment benefits fell for a sixth consecutive month in April adding to hopes that the nation’s economy is making a recovery.

Against the US Dollar, Sterling is just above a two-week low following the continuing surge in strength of the ‘Greenback’.

US Dollar

The ‘Greenback’ is higher against the majority of its peers after the currency received a boost from speculation that the monetary-policy stimulus programme created by the US Federal Reserve could be curtailed in the near future as the US economy shows signs of improvement. Bringing the Fed’s bond-buying program to an end would make the U.S. Dollar more attractive in terms of yield.

The Euro

The Euro is weaker against the majority of its peers as investors expect this week’s round of Eurozone data releases to reveal the economic damage caused by the Eurozone crisis. Wednesday’s GDP data is expected to show that the Eurozone region declined by 0.1% in the first quarter of 2013, a sixth consecutive decline.

Australian Dollar

The ‘Aussie’ has declined to an 11-month low against the US Dollar and has continued to decline against its most traded peers due to data showing that business confidence fell and as speculation rises that the Reserve Bank of Australia will make further interest rate cuts in a bid to curb the currency’s strength.

New Zealand Dollar

The ‘Kiwi’ fell after a report suggested that the US Federal Reserve is planning to slow its policy of quantitative easing, a move that will increase the attractiveness of US Dollar assets. The New Zealand Dollar strengthened against the Euro after house prices in the country rose by 9.8% in April, the biggest annual increase since 2007.

Canadian Dollar

The ‘Loonie’ continues to be weaker against the US Dollar after it tumbled against its relation due to disappointing employment data. Canada added 12,500 new jobs in April, while keeping the jobless rate steady at 7.2%. Economists expected Canada to add 15,000 jobs, with no change to the unemployment rate. The Canadian Dollar could make another run at parity with the U.S. Dollar next week if the next wave of U.S. and Canadian data releases show improvement in the North American economy.

South African Rand

The Rand has weakened against the US Dollar due to worries that job cuts in the mining sector could spark a repeat of last year’s violent strikes which heavily damaged investor sentiment. Economists are worried that a backlash will occur when Anglo American Platinum announced that it would be cutting 6,000 mining jobs.