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Euro falls as political concerns grow

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Pound Sterling

The Pound has weakened against the US Dollar falling to its lowest level in five-months due to economists expecting that today’s UK service data will show that the sector shrank for a second month in January. Against the Euro the Pound has recovered some of its strength as concerns over the political situation in the Eurozone continue to weigh down on the single currency.

US Dollar

The ‘Greenback’ took moderate losses against most of its main currency rivals yesterday due to the market continuing to digest last Friday’s disappointing Non-Farm payrolls report. As concerns over the political situation in Italy and Spain grew, the Dollar made gains against the single currency as investors sought a safe-haven.

Today, Dollar traders should be aware of the latest ISM Non-Manufacturing PMI data. Analysts are expecting the indicator to come in below last month’s figure of 56.1. A worse-than-expected result could weaken the currency.

The Euro

The Euro reversed some of its gains against the Dollar and Pound yesterday, and fell to its lowest level since June against the Japanese Yen. Corruption allegations against Spanish Prime Minister Mariano Rajoy and uncertainty over the outcome of the Italian elections caused investors to look for safer options. The European Central Bank’s policy makers are due to meet on Thursday but are not expected to alter interest rates. Any surprise comments or actions could create volatility for the Euro.

Australian Dollar

The ‘Aussie’ has weakened against all of its major peers after the nation’s Central Bank signalled that it is prepared to cut interest rates to a record low later this year. It chose to not change the rate yesterday.

New Zealand Dollar

The ‘Kiwi’ made gains against its Australian cousin due to the Reserve Bank of Australia’s decision to keep interest rates on hold. New Zealand’s recovery is being boosted by the rebuilding of the Canterbury region that was devastated by an earthquake in 2011.

Canadian Dollar

The ‘Loonie’ has weakened against the US Dollar due to investors flocking to the safety of the ‘Greenback’ as a result of falling commodities, disappointing US economic data and renewed concerns emerging from the Eurozone. The currency was not helped by a fall in the price of Canada’s biggest export of crude oil.

South African Rand

The Rand has weakened as the Spanish corruption scandal and worries about Eurozone stability caused investors to seek shelter in safe haven assets such as the US Dollar. The Rand is likely to come under further pressure as the markets await the release of the latest South African jobless figures. Currently one in four South Africans are out of work, a worsening of that situation will surely weaken the Rand further.

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