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Europe showing some signs of stability

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Pound Sterling

The Pound has strengthened against the US Dollar due to an increase in risk appetite. The demand for riskier assets comes as the markets grow increasingly

optimistic over the state of the global economic recovery.

Sterling fell to a nine-month low against the Euro, as pressure intensified on the UK government to renegotiate the terms of its European membership. Prime Minister David Cameron is due to make a key speech on the UK’s relationship with Europe later this month.

This week, Sterling traders should be aware of tomorrow’s inflation figures and December retail sales data released on Friday.

US Dollar

The ‘Greenback’ has weakened against most of its most commonly traded rivals due to weakening demand for safe-haven assets. The positive growth forecasts emerging out of Europe caused the Dollar to weaken against the Euro and Pound. Against the Japanese Yen, the Dollar hit a new two-and-a-half year high as the Asian nation begins to implement additional monetary easing measures.

Dollar traders should be aware of today’s speech by Federal Reserve Chairman Ben Bernanke at 9.00 GMT, tomorrow’s retail sales data and Thursday’s preliminary Manufacturing PMI data.

The Euro

The Euro continued to strengthen due to positivity emerging from the single currency region. The European Central Banks decision to not cut interest rates also bolstered the Euro.

This week, Euro traders should be aware of today’s industrial production figures, Wednesdays CPI data, and Spain’s 10-year bond auction on Thursday. The bond auction could further boost confidence if there is high demand for Spanish debt and could lead to further strengthening for the single currency.

Australian Dollar

The ‘Aussie’ has strengthened against most of its 16 major counterparts due to an increase in Asian stocks boosting demand for the higher yielding asset.

Against its close relation the New Zealand Dollar, the currency weakened after an unexpected decline in home-loan approvals and a decrease in job advertisements.

New Zealand Dollar

The ‘Kiwi’ has made gains against most of its major peers as-well-as the Australian Dollar due to a report showing an increase in retail card spending. Statistics New Zealand said today that the value of retail transactions on electronic cards increased 0.3 percent in December, its third-straight monthly advance.

Canadian Dollar

The ‘Loonie’ advanced for a second week against the US Dollar as traders speculated that faster growth in China would result in greater demand for the nation’s commodity exports. The currency was also boosted by an increase in demand for riskier assets and a rise in the price of the nation’s biggest export of crude oil.

South African Rand

The Rand continues to weaken against the US Dollar as economic and political factors drag on the currency. The downgrade of the nation’s credit rating combined with the protests in the farming sector damaged investor sentiment, and dragged the Rand back down to its weakest levels since December.

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