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Euro little moved due to reduced market sentiment

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The Euro

The Euro was little moved against the Pound and other peers due to reduced market sentiment and ongoing worries over the situation in Ukraine. The currency could push higher later in the session if Eurozone industrial production data comes in better-than-forecast.

Pound Sterling

The Pound softened back below the key 1.20 level against the Euro in a session devoid of any domestic UK data. Data from elsewhere is also lacking so trade is likely to be light and dominated by other international factors. Yesterday’s comments by Bank of England Governor Mark Carney that interest rates could be introduced later than initially expected also weighed upon the Pound.

US Dollar

The US Dollar is trading firmer against several major peers as investors remain cautious over worries regarding the Chinese economy and the ongoing standoff between Ukraine and Russia. Ukraine’s interim Prime Minister Arseniy Yatsenyuk is due to travel to the U.S.A to meet President Barack Obama on Wednesday, as diplomatic efforts to resolve the crisis continued.

Australian Dollar

The ‘Aussie’ has declined for a fourth consecutive day after data reports showed that consumer sentiment deteriorated and home loans stagnated. Demand for the South Pacific currency is muted due to concerns that China’s economy is slowing.

New Zealand Dollar

The New Zealand Dollar edged higher against its U.S. counterpart on Wednesday, as markets were eyeing the Reserve Bank of New Zealand's policy statement later in the day, while concerns over the economy in China continued to weigh.

Canadian Dollar

The Canadian Dollar is little moved against most major peers after softening yesterday due to a decline in commodity prices. With little in the way of any important economic data the currency is likely to have a quiet session.

South African Rand

The Rand is trading at its lowest-level against the US Dollar in more-than-a week today due to heightened risk aversion as a result of the political tensions in Ukraine. Further negative headlines about the Crimea are likely to send the Rand weaker as risk sentiment wanes.

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