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Euro extends gains

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Sent money home currency update

Pound Sterling

The Pound was able to advance against the US Dollar on Thursday as Nationwide data showed the most significant surge in UK home prices for a month and Lloyd’s business barometer jumped from 27 to 39. After hitting a week-high against the ‘Greenback’ Sterling was little changed prior to the release of UK Mortgage Approval and Net Consumer Credit figures.

US Dollar

As US GDP data came in below initial estimates, with the economy expanding at an annualized rate of 2.4 per cent in the first quarter rather than the 2.5 per cent forecast, the US Dollar dropped to a three-week low against the Euro and weakened against several of its other main peers. A separate report also showed an unexpected increase in initial jobless claims, dampening speculation regarding the Fed reigning in QE before the end of the year.

The Euro

TThe Euro was able to extend recent gains yesterday as Consumer/Economic/Services and Industrial Confidence figures for the Eurozone all met economist’s estimates. This morning German retail sales data showed an unexpected month-on-month decline of 0.4 per cent, although sales were up 1.8 per cent on the year. Additional Euro movement may occur following the publication of Eurozone CPI and unemployment figures.

Australian Dollar

After the ‘Aussie’ declined modestly against its US counterpart during local trade the currency was in line to record its most significant monthly drop for over two years. Economists are expecting next week’s growth data to show that the Australian economy expanded by 2.7 per cent in the first quarter, down from 3.1 per cent expansion in the previous three months.

New Zealand Dollar

Yesterday the ‘Kiwi’ advanced on the US Dollar following the release of better-than-forecast building permit data for New Zealand. Gains were extended as the ‘Greenback’ broadly softened in response to disappointing growth figures and business confidence in New Zealand jumped from 32.3 to 41.8.

Canadian Dollar

Although the ‘Loonie’ initially dipped against the ‘Greenback’ after the US economy was shown to have expanded by less-than-expected in the first three months of this year, the commodity-driven currency strengthened as local trade progressed and Canada’s current-account deficit narrowed by more than anticipated. Today’s domestic GDP figures are likely to trigger Canadian Dollar volatility.