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Euro re-coups following comments by Goldman Sachs CEO

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Pound Sterling

The Pound has strengthened against the US Dollar after an industry report showed that UK home sellers raised their asking prices for a fifth consecutive month. House prices rose by 2.1% this month. As a result of the data, Sterling climbed from its lowest level in six-weeks against the US currency. The Pound is expected to soften later in the week as investors expect the UK’s latest consumer price data to show a slowdown.

US Dollar

The ‘Greenback’ has weakened against a number of its peers and fallen to as low as ¥102 against the Japanese Yen. The Dollar fell against the Euro and Sterling as demand for riskier currencies improved. Comments made by the chief executive of Goldman Sachs bolstered the Euro against the ‘Greenback’ after telling reporters that he was confident that the Euro will survive.

The Euro

The Euro strengthened against the US Dollar following comments made by Goldman Sachs chief executive Lloyd Blankfein who said that he was confident the Euro will survive despite the debt crisis. He rejected the view of billionaire investor George Soros that Germany should exit the Euro and didn’t accept the idea of joint liability for sovereign debt through so-called Euro bonds.

Prior to Blankfein’s comments the Euro was close to a six-week low against the ‘Greenback’ due to speculation that the Federal Reserve will slow its asset purchasing programme.

Australian Dollar

The ‘Aussie’ strengthened against the US Dollar for the first time in three days due to signs that the currency may have been oversold. The currency could rebound further on Wednesday if Federal Reserve Chairman Ben Bernanke counters speculation that the Fed is coming close to reducing its quantitative easing programme in his monthly report.

New Zealand Dollar

The ‘Kiwi’ has followed its Australian relation upwards due to signs that the currency may have been oversold. The currency has also been supported after Finance Minister Bill English said that the Reserve Bank may have to tighten lending to prevent the creation of a housing bubble which could be a threat to the nation’s economy. Speculation is growing that the Central Bank may consider raising interest rates.

Canadian Dollar

The ‘Loonie’ has recovered some of its losses following last week’s worse-than-expected inflation data. The Canadian Dollar had slumped to its lowest level against the ‘Greenback ‘in two-months after the nation’s inflation data showed that it had fallen by its slowest pace since October 2009.

South African Rand

The Rand remains close to a four-year low against the US Dollar due to continuing concern over possible labour unrest in South Africa’s mining sector. The National Union of Mineworkers has said that its workers are seeking a pay rise of up to 60%. The demand could spark further violence in the troubled mining sector as mining firms are almost certain to refuse such a hike as they battle higher costs and falling commodity prices.

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