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Euro slumps ahead of Brussels summit

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Pound Sterling

The Pound has dipped to a two-month low against the US Dollar as investors increased their selling of the currency after last week’s easing of monetary policy by the Bank of England. As a result, the currency has fallen to its lowest level since the 6th of September, and is trading further under the key 1.60 mark.

US Dollar

Today is a quiet day for the American currency as the nation’s markets are closed due to the Veteran’s Day Bank Holiday. Any US Dollar data will be influenced by announcements out of the Eurozone, particularly those regarding the debt situation in Spain and Greece.

Traders should also keep an eye out for the latest retail sales, Core retail sales and PPI figures due to be released on Wednesday. Thursday will also be an active day for the markets with the CPI, Unemployment claims and manufacturing index all due to for release.

The Euro

The Euro is approaching a two-month low against the US Dollar as European policy makers prepare to attend a two day meeting to try and resolve the ongoing problems in Greece. The region’s finance ministers are meeting in Brussels this evening after Greek Prime Minister Antonis Samaras managed to gain support for the beleaguered nation’s 2013 budget.

Against the Japanese Yen the single currency has dropped to a four-week low, its longest losing streak in six weeks.

Australian Dollar

The ‘Aussie’ has advanced, reversing three days of losses due to the markets believing that there will be no further reduction to the nation’s interest rate.

As a result the currency gained against the majority of its most traded peers. Home-loan approvals improved by 0.9% in September from the previous month contributing to the strength of the currency.

New Zealand Dollar

The ‘Kiwi’ has followed its Australian neighbour in trading upwards after the latest data out of China showed that the world’s second-biggest economy was posting improved figures. Chinese industrial production gained by 9.6% last month from a year earlier, and retail sales rallied by 15%, stoking optimism that the world's most populous nation won't slow down as fast as feared and drag down on the global economic recovery.

The currency also received a boost after Greek lawmakers agreed to the country’s 2013 budget, raising demand for riskier assets.

Canadian Dollar

The ‘Loonie’ has recovered some of the losses it suffered at the end of last week. Against the US Dollar the currency has once again reached parity due to tensions easing slightly in the Eurozone over the Greek situation and improving data emerging out of China. The commodity based currency was boosted by increasing Crude Oil prices which climbed by 1.4% last week.

South African Rand

The Rand has weakened against the US Dollar after more than 30,000 striking workers rejected a new pay deal at the weekend. The cost of the wildcat action, in its second month, is mounting and the nation’s leading Platinum mining company said it had lost almost 168,000 ounces in platinum production, worth over $250 million at current prices. Unless the situation can be resolved quickly the Rand will weaken quickly against the majority of its peers.

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