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Federal Reserve will begin a new round of quantitative easing

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Pound Sterling

The Pound has broken a three-day run of declines against the Euro ahead of the release of the latest UK unemployment and trade deficit data. Observers are expecting the data to prove positive for the nation’s economic outlook with the unemployment rate staying at its lowest level for a year and a narrowing of the trade deficit.

Against the Dollar the Pound has risen to a four-month high breaching the important 1.60 mark as the UK’s service sector expanded in August and manufacturing increased.

Currently the Pound is trading in the region of 1.251 against the Euro and 1.60 against the US Dollar.

US Dollar

The US Dollar dropped sharply last Friday after the release of weaker-than-expected jobs data raised expectations that the Federal Reserve will begin a new round of quantitative easing in a bid to get the country’s flagging economy back on course for a strong recovery. Some traders are expecting that the new monetary easing could be implemented as early as next week.

Currently the US Dollar is trading in the region of 0.625 against the Pound and 0.782 against the Euro.

The Euro

The Euro is holding near a four-month high against the US Dollar after the world’s biggest economy posted disappointing jobs figures last week. The heightened expectations that the Federal Reserve will announce another round of bond purchases, at its two-day policy meeting on Wednesday is likely to support the Euro over the next few days.

The Euro is entering an uncertain week with elections due to be held in the Netherlands and the outcome of a German court ruling on the legality of the European Central Bank’s bond buying plans and bailout fund.

Currently the Euro is trading in the region of 0.798 against the British Pound and 1.278 against the US Dollar.

Australian Dollar

The ‘Aussie’ has continued to trade strongly against its US counterpart following the poor job figures out of the US and the continuing optimism out of the Eurozone.

The currency has suffered slightly however due to a surprising year-on-year drop in China’s imports. China is Australia’s biggest trade partner and the data is a sign that ‘Aussie’ exports are slowing.

Currently the Australian Dollar is trading in the region of 0.647 against the Pound, 0.810 against the Euro and 1.036 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has risen as investors expect and prepare for the US Federal Reserve to print more money in its quantitative easing programme. The weak jobs data out of the US is expected to spur it into action. Demand for New Zealand commodities remains relatively strong contributing to the steady strengthening of the currency.

Currently the New Zealand Dollar is trading in the region of 0.507 against the Pound, 0.635 against the Euro and 0.811 against the US Dollar.

Canadian Dollar

On Friday the ‘Loonie’ hit its firmest level against the US Dollar for over a year. The Canadian economy added over 34,000 jobs, beating all expectations and has seen the country recoup all the jobs lost in the recession with employment standing at 176,600 higher than in August 2011. Canada has recovered strongly from the global recession and is set to make further gains.

Currently the Canadian Dollar is trading in the region of 0.639 against the Pound, 0.799 against the Euro and 1.022 against the US Dollar.

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