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Eurozone shambles begins to drag down Germany

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Daily Sent money home currency update

Pound Sterling

The Pound strengthened against the Euro as concerns over the Eurozone crisis continues to create risk aversion in the markets and as UK retail sales showed signs of improvement. Fears are growing that the Euro crisis has begun to affect the heart of the region as Germany posted weakened producer price data. Against the US Dollar, Sterling made gains as traders took bets that the US currency will weaken further as the Federal Reserve keeps up its bond buying programme.

Sterling was also supported after new Bank of England governor Mark Carney signaled his commitment to transform the Bank of England. Carney will replace current Mervyn King on July the 1st.

US Dollar

The ‘Greenback’ weakened against the Euro, reversing gains after a report showed that manufacturing in the Philadelphia region expanded at a slower pace than economists had been predicting. The Federal Reserve Bank of Philadelphia’s general economic index fell to 1.3 in April from 2 the prior month. Readings greater than zero signal expansion. Economists had been expecting a rise to 3.

The Euro

The Euro weakened against the Pound as economic data continues to be dismal for the single currency region. European car sales tumbled, German production slowed and the ongoing presidential election in Italy has caused uncertainty on the market. The currency was also weighed down by comments made by Bundesbank chief Jens Weidmann who poured cold water on speculation that the Eurozone had overcome the worst of the Eurocrisis. He said that the region will continue to struggle for at least another decade.

Australian Dollar

The ‘Aussie’ has slumped to a one-month low against the US Dollar as stocks declined worldwide and as concerns over the global economy caused demand for higher yielding assets to fall. The currency is still feeling the effects of the weak Chinese data released on Monday and looks set to weaken further as today’s data out of China looks set to show further disappointment.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation downward as weak Chinese data weighs down on the demand for higher yielding assets.

Canadian Dollar

The ‘Loonie’ slumped close to a one-month low against a number of its peers as economists wait and see what the G-20 comes up in regards to jump-starting economic growth.

South African Rand

The Rand traded firmer against the Dollar as high-yielding assets came back into favour. Any gains for the currency were muted however as a bleak outlook for the South African economy is likely to put off investors. So far this year the Rand has fallen by 8% against the Dollar.

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