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Pound Sterling

The Pound is little changed against the US Dollar as economists wait for the release of data that is expected to show that UK services industries expanded for a fourth-month in a row in April.

The Pound is close to a three-month high against the Euro as the UK shows signs that its economic recovery is picking up speed. In April, Sterling appreciated by 2.6%, making it one of the best performing currencies.

US Dollar

The ‘Greenback’ halted its biggest advance against the Euro in two weeks ahead of economic data that is expected to show a decline in the nation’s jobs market in April. The US currency had made gains against the majority of its peers after the Federal Reserve opted to maintain its monetary stimulus programme and as the trade deficit fell more-than-expected in March.

The Euro

The Euro fell for the first time in five days against the US Dollar after European Central Bank President Mario Draghi said policy makers may take the unprecedented step of charging banks to hold excess reserves. The single currency also declined against the majority of its peers after the Bank chose to cut interest rates to a new record low of 0.5%.

Australian Dollar

The ‘Aussie’ is set to complete its longest run of weekly declines against its New Zealand counterpart in 12 years as traders raise their bets that the Australian Reserve Bank will cut borrowing costs next week.

New Zealand Dollar

The ‘Kiwi’ advanced above 83 Australian Cents for the first time since 2009 as investors sought higher returns in New Zealand. Investors have become more attracted to the yields on offer in New Zealand as the local economic recovery gathers pace and as the Reserve Bank looks more likely to hike interest rates over the next year.

Canadian Dollar

The ‘Loonie’ has weakened against the majority of its peers after it was announced that outgoing Bank of Canada governor Mark Carney will be replaced by Stephen Poloz, the current head of the nation’s export-financing agency. The decision took the market by surprise causing investors to turn to safe-haven currencies whilst they digest the news.

South African Rand

The Rand gained the most in six months versus the Euro as the ECB cuts spurred demand for higher-yielding, emerging-market assets. Against the US Dollar the currency is holding steady after it was supported by improved manufacturing and vehicle sales data.