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Euro making steady gains

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Pound Sterling

The Pound continued its rapid slide against its major currency rivals yesterday, due to the increasing concern over the health of the UK economy. It weakened to its lowest level in two-months against the US Dollar, and slumped to a new ten-month low against the Euro.

British Prime Minister David Cameron has delivered his keynote speech on the UK’s continuing membership of the European Union, promising to give the British people a referendum on the issue during the next parliament in 2015. The speech will no doubt cause volatility in the markets, it is expected that the Pound could weaken further as a result.

US Dollar

The ‘Greenback’ weakened against several of its higher-yielding currency rivals due to the release of better-than-expected German ZEW Economic Sentiment data. Optimism continues to increase across the Eurozone, increasing the demand for riskier assets.

Today, a lack of significant news out of the US means that today’s fluctuations will be a result of international factors. The British Claimant Count Change data could lead to additional losses for the ‘Greenback’ if it

comes in above the forecasted 0.3K.

The Euro

The Euro made gains in yesterday’s early morning trading session against the US Dollar due to significantly better-than-expected German ZEW Economic Sentiment figures. However, in the afternoon the single currency reversed those gains and made losses against the Pound.

Today, a lack of data will mean that any movements of the Euro will come as a result of the British Claimant Count Change and the aftermath of British Prime Minister David Cameron’s speech.

Australian Dollar

The ‘Aussie’ weakened, halting two days of gains after data showed that consumer prices rose less than expected during the last quarter of 2012. The data will give the Reserve Bank of Australia extra room to cut borrowing costs further. Against the Japanese Yen the currency fell for a fourth day as the Bank of Japan’s announced monetary easing measures begin to take effect.

New Zealand Dollar

The ‘Kiwi’ weakened against the US Dollar due to the currency tracking the Australian Dollar lower after Australia’s fourth-quarter inflation reading rose by only 2.2%. Economists had been expecting a rise of 2.4%.

Canadian Dollar

The ‘Loonie’ has weakened to its lowest level in a year against its US relation as economists predicted that the Bank of Canada will maintain its current benchmark interest rate at one per cent. The currency was also weakened after a report showed that Canadian retail slows slowed in November.

South African Rand

The Rand has weakened against its peers after violent protests erupted in Sasolburg. The currency was put under pressure as this latest bout of violence adds to the uncertainty surrounding South Africa’s economy.

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