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Eurozone to hit longest recession since 2008

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Pound Sterling

The Pound halted a three-day decline against the US Dollar after an industry report showed that UK house prices climbed to its highest level in almost three years last month. According to the Royal Institution of Chartered Surveyors the home-price index rose to 1 from minus 2 in March, the first reading above zero since 2010.

US Dollar

The ‘Greenback’ made gains against the majority of its peers after economic data took economists by surprise. US retail sales unexpectedly increased in April, boosting optimism that the world’s largest economy is on course to make a strong recovery. The Dollar advanced for a third consecutive day against the Euro. Against the Japanese Yen the ‘Greenback’ has reached its highest level since 2008.

The Euro

The Euro declined for a third day against the US Dollar and is expected to show that the Eurozone regions GDP contracted for a sixth-straight quarter. If the data does show a further decline then the current Eurozone recession will be the longest since the Euro’s inception beating the 15-month long recession that occurred in 2008-2009 at the height of the global financial crisis. The Euro weakened further against the US Dollar and Sterling after European Central Bank policy-maker Ignazio Visco told a news website that the Eurozone’s Central Bank could cut its deposit rate into negative territory.

Australian Dollar

The ‘Aussie’ has weakened against all of its most traded peers after National Australian Bank Ltd. said that its business confidence index slumped to minus two in April, its lowest reading since November 2012.

New Zealand Dollar

The ‘Kiwi’ strengthened against its peers after retail sales grew in the first quarter of the year. The improving retail environment has boosted investor optimism that the economic recovery isn’t limited to the just Auckland and Christchurch but that New Zealand’s overall economy is strengthening.

Canadian Dollar

The ‘Loonie’ strengthened against the majority of its peers after the release of strong retail sales data out of the US. The currency managed to make gains against the New Zealand and Australian Dollars despite crude oil declining for a third consecutive day.

South African Rand

The Rand is close to a three-week low against its peers after workers began wildcat strikes at a number of platinum mines, rekindling fears that last year’s violent strikes could happen again. The strike appeared to be in response to the killing of an organiser from the militant Association of Mineworkers and Construction Union (Amcu) over the weekend.

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