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Fall in UK unemployment promotes sterling to top performer

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Pound Sterling

The Pound is little changed against the Euro and is trading close to its highest level since February against the US Dollar. The rise comes ahead of the release of a report that is expected to show that jobless claims fell in the UK for a seventh consecutive month in May. According to the Office for National Statistics, unemployment claims in the UK are expected to have fallen by 5,000 last month. The Pound has gained by 6.2% in the past three-months making it the best performing developed market currency.

US Dollar

The ‘Greenback’ has strengthened against the Euro as investors speculate that today’s Eurozone data will show signs of further contraction, causing them to favour the safe-haven Dollar. Against Sterling the US Dollar has weakened slightly as the latest UK data is expected to show continuing signs of improvement for the UK economy.

The Euro

The Euro has weakened against the Pound and US Dollar after the latest report on German Consumer confidence came in lower than forecast. It came in at 1.6%, down from the previous month’s figure of 1.7%. The weaker-than-expected data has caused investor to seek shelter in the safe haven US Dollar as concerns over the Euro crisis resurface. The Euro could weaken further if today’s latest Eurozone industrial production data shows further signs of contraction.

Australian Dollar

The ‘Aussie’ has rebounded from its lowest level in three years as a technical indicator signalled that the recent bought of selling was overdone. The currency snapped a three-day slide after tumbling by 9.2% since the end of March. The currency also found support after data showed that consumer confidence in the country jumped from -7% to 4.7% in June.

New Zealand Dollar

The ‘Kiwi’ tumbled to a nine-month low against the Pound after traders chose to dump the New Zealand currency in response to the Bank of Japans announcement that it would not adding to its monetary easing programme. The Pound breached the psychologically significant 2.000 level for the first time since last September. Against the Japanese Yen the ‘Kiwi’ tumbled to a five-month low.

Canadian Dollar

The ‘Loonie’ strengthened to its highest point in three years against the Australian Dollar as speculations grow that the North American economy will lead the way in global growth. Against the US Dollar the ‘Loonie’ slipped downwards due to drop in crude oil prices.

South African Rand

The Rand tumbled to a new four-year low against the US Dollar before it regained some ground. Weak data out of China, labour unrest and the possible disruptions to exports and productivity have all weighed heavily on the South African currency. The currency could fall further if any negative news spooks the market.

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