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Currency update from Sendmoneyhome

Pound Sterling

The Pound is little changed against its peers due to economists awaiting the release of data that is expected to show that UK retail sales increased in April. The Confederation of British Industry’s gauge of annual sales is thought to have climbed after the figure stagnated in March. Other data due to be released by the British Bankers Association is expected to show that mortgage lending rose in March. The Bank of England has also announced today that it will be extending its programme to provide cheaper loans to new businesses and consumers by another year in a bid to help boost the nation’s flagging economy.

With signs of improvement the UK economy is expected to avoid sliding into a triple dip recession.

US Dollar

The ‘Greenback’ has strengthened to a two-week high against the Euro due to investors seeking shelter in the safe haven Dollar. Weaker-than-expected data out of the Eurozone has painted an increasingly grim picture for the region’s economy causing traders to look for safer options.

The Japanese Yen, meanwhile, jumped briefly against the Dollar after the Associated Press said that two explosions occurred at the White House, injuring President Barack Obama. The AP said on its corporate website that its account had been hacked. The White House confirmed that there had been no incident.

The Euro

The Euro slumped to a two-week low against the US Dollar and was weaker against the majority of its peers. The currency fell as the latest confidence data out of Germany showed that confidence had declined. The region’s poor data in recent weeks has fuelled speculation that the European Central Bank will cut interest rates in a bid to encourage growth.

Australian Dollar

The ‘Aussie’ fell sharply against the majority of its peers after the nation’s latest CPI data came in lower than expected at 2.5%. Economists had been expecting the figure to be 2.8%. The ‘Aussie’ has received a bit of a battering in the past few weeks after China, Australia’s biggest trade partner, showed signs of a slowdown as commodity prices slumped.

New Zealand Dollar

The ‘Kiwi’ has strengthened against the US Dollar after the Reserve Bank of New Zealand Governor Graeme Wheeler backed away from talking down the currency. Signs that the country’s economy grew at a steady pace also aided the ‘Kiwi’.

Canadian Dollar

The ‘Loonie’ came close to a six-month low against the US Dollar due to signs from Europe and China that the global economy is slowing. Despite posting improving retail sales data the currency was unable to shrug off investor worries for the wider economy.

South African Rand

The Rand managed to rise to its strongest position in a week against the US Dollar after South African bonds traded close to record highs and as worries over the global economy caused investors to put money into higher yielding emerging markets. The currency remains vulnerable however due to a series of issues that could have a significant impact on the South African economy.

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