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Euro out-performing its rivals

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Pound Sterling

The Pound has depreciated for a third day against the Euro, falling to its weakest level in 13-months as an industry report showed that UK house prices stagnated in January. Against the US Dollar, the currency dropped to a five-month low.

US Dollar

The ‘Greenback’ hit a two-and-a-half year high against the Yen last Friday due to speculations that the Bank of Japan will ease monetary policy further in an effort to devalue the currency. The Dollar also received support following the release of worse-than-expected US New Home Sales figures. The disappointing figures caused investors to move their money to safer havens.

The Euro

The Euro continues to make gains against its major currency rivals after the single currency received a boost from better-than-expected Business Climate Figures out of Germany. Against the Japanese Yen, the Euro hit its highest level since April 2011.

Australian Dollar

Heavy selling of the ‘Aussie’ caused the currency to weaken to a three-week low against the Euro. Traders have begun to reverse their bets that the Australian economy will remain strong, and that the Eurozone would remain mired in recession.

New Zealand Dollar

The ‘Kiwi’ has weakened against the Euro after the single currency continues to perform strongly on the wave of optimism emerging out of Europe. The currency will not make much movement today due to a national holiday closing the market.

Canadian Dollar

The ‘Loonie’ fell to its lowest level in six- months against the US Dollar due to a report showing that consumer prices declined by a larger-than-expected margin. The perception that the Canadian economy is slowing has also weighed on the currency.

South African Rand

The Rand remains weakened but is trading close to the psychological level of nine Rand to the Dollar. The currency could reverse some of its losses due to returning confidence in the Eurozone bolstering demand for riskier assets. Send money home daily currency update

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