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Euro investors hesitant as crucial data release looms

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Global currency exchange update

Pound Sterling

The Pound was little changed against the US Dollar and is headed for a third weekly gain against the US currency, after an industry report showed that UK house prices rose to a record high in May. The weekly gains are the currency’s longest winning streak since September 2012.

US Dollar

The ‘Greenback’ weakened overnight against a number of its peers after a report published by the Wall Street Journal hinted that the US Federal Reserve is unlikely to announce a tapering of its monetary easing programme. It then rebounded, as investors take a wait and see approach to the release of the latest US industrial and manufacturing data. A strong showing for those sectors is likely to reinforce speculation that the Fed may choose to slow its quantitative easing programme as the US economy improves.

The Euro

The Euro weakened against the US Dollar due to investor uncertainty over the release of the latest Eurozone Consumer Price Index and employment data. Economists are expecting the data to show signs of improvement but if it comes in weaker-than-expected it could reignite fears over the state of the Eurozone economy.

Australian Dollar

The ‘Aussie’ is heading for its first weekly gain in six weeks due to speculation that the currency’s rapid drop over the past two months was excessive. The Australian currency touched a one-week high against its US relation as stocks rebounded and the renewed appetite for higher-yielding assets.

New Zealand Dollar

The ‘Kiwi’ strengthened against the US Dollar after manufacturing in the country expanded at its fastest pace in nine years. New Zealand’s Manufacturing Index rose to 59.2 last month from a revised figure of 55.2 in the prior month. A PMI reading above 50 indicates expansion.

Canadian Dollar

The ‘Loonie’ strengthened to a four-week high against the US Dollar after US retail sales climbed by 0.6% in May, the largest increase in three months. The Canadian currency was also supported by the nation’s new housing price index which advanced more than expected in April, with the cost of new homes advancing by 0.2% month by month rather than the forecasted 0.1%.

South African Rand

The Rand is slightly weaker against the US Dollar due to investors being cautious over the weak domestic outlook for the South African economy and as uncertainty remains over the future of the US Federal Reserve’s market stimulus measures.

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