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Euro slips further against the Pound

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Pound Sterling

The Pound pushed beyond the 1.20 mark against the Euro after data showed that UK house prices rose for an 11th consecutive month in December. Against the US Dollar, Sterling remained stronger after pushing beyond its highest level in two years last Friday. Over the past six-months the currency has gained by 6.9%, making it the best performing developed-nation currency as speculation mounts that the Bank of England will raise interest rates sooner than it predicted.

US Dollar

The US Dollar is on track to make a yearly gain against several of its peers and touched a five-year high against the Japanese Yen as optimism rises that the US Federal Reserve will end its monetary easing programme by the end of 2014 as the worlds largest economy continues to recover strongly.

The Euro

The Euro is weaker against the Pound but little moved against other peers in muted trading. The currency found support from data released early in the session which showed that retail sales in Spain improved by 1.9% on a yearly basis, smashing forecasts of a figure of -1.57%. Other Eurozone members are due to release their retail sales figures, an improvement of which could bolster the Euro.

Australian Dollar

The ‘Aussie’ fell against its peers as iron ore production was hit as mining in the northwest of the country shutdown ahead of the arrival of Tropical Cyclone Christine. The currency is also on track to make its biggest yearly loss since 2008 against the US Dollar and is expected to make a multi-year loss against the Pound as expectations grow that the US Federal Reserve will end its monetary easing programme next year, a move that will negatively impact commodity and emerging market currencies.

New Zealand Dollar

The ‘Kiwi’ is mixed against its peers as it suffers from a lack of new data releases over the Christmas holidays and the muted trading in the markets. The kiwi will probably drift lower against the Pound and US Dollar until trading picks up after the holiday period.

Canadian Dollar

The Canadian Dollar is little moved against its peers due to the lack of trading in the Christmas holiday season. With no Canadian economic data on tap until the New Year and the US calendar similarly sparse, investors are focusing on the longer-term trends for the ‘Loonie’.

South African Rand

The Rand remains under pressure against its peers as political turmoil in Turkey continues to dampen demand for high-yielding riskier market assets. The Rand has recorded the second biggest fall against the US Dollar this year.

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