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Euro rallies ahead of Mario Draghi's speech

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The Euro

The Euro made its longest rally since 2011 against the US Dollar as economists wait for European Central Bank President Mario Draghi to deliver a speech to the European Union Parliament. Draghi is expected to push for banking union to sustain the region’s failing recovery. Investors will also be looking to see if he will make any mention of negative rates or easing measures. The Euro could see some movement later in the session if Eurozone industrial production data comes in below forecasts.

Pound Sterling

The Pound snapped its largest decline in two weeks against the US Dollar and halted its slide against the Euro as investors wait for Chancellor of the Exchequer George Osborne to stand before a parliamentary committee and explain his autumn statement. Economists will look to see if Mr. Osborne will offer any new insights into the state of the UK economy.

US Dollar

The US Dollar found support yesterday as news broke that U.S. Congressional leaders had reached an agreement on a two year budget deal. Investors expect the deal to increase the likelihood that the Federal Reserve would begin to scale back its $85 billion a month asset purchase program at next week’s policy meeting. Today sees the release of jobless claims and retail sales data which are likely to create some volatility for the currency.

Australian Dollar

The ‘Aussie’ resumed its downward trajectory against the Pound and slipped for a second day against the US Dollar after unemployment data showed that the number of Australians out of work climbed to match the highest level recorded since 2009. The currency is also under heavy pressure from growing expectations that the US Federal Reserve will decide to taper its monetary easing programme at next week’s policy meeting.

New Zealand Dollar

The ‘Kiwi’ rallied against the US Dollar and Pound due to the Reserve Bank of New Zealand choosing to maintain interest rates at 2.5% but hinted at future rises for next year as the nation’s economy continues to strengthen.

Canadian Dollar

The Canadian Dollar has made a seventh day of gains against the US Dollar as crude oil, Canada’s biggest export, continues to strengthen in price. The Canadian Dollar’s gains were capped however by concerns that the nation’s subdued domestic inflation outlook may prompt the Bank of Canada to keep interest rates on hold for longer.

South African Rand

The Rand has fallen to its weakest level in a week as traders sell-off the riskier currency ahead of the release of local producer inflation data. Statistics South Africa will release November producer price inflation data later in the day. Economists expect it to ease to 6.1% year-on-year, from 6.3% in October. The currency is likely to fall further later in the session if US retail sales and jobless claims data comes in strongly.