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Pound Sterling

The Pound has halted a four-day decline against the US Dollar as investors await the release of the Bank of England’s quarterly report of economic analysis and inflation projections. Against the Euro, Sterling rose from a three-week low on expectations that unemployment claims fell by 3,000 in April. Optimism that the UK economy is making a recovery will strengthen the Pound further if the data comes in on target or better-than-expected.

US Dollar

The ‘Greenback’ hit a six-week high against the Euro and rose to its highest overall level in ten-months due to improving sentiment towards the US economy. The positive data released over the past few weeks has increased speculation that the Federal Reserve will reduce stimulus. The Dollar strengthened against the Euro as investors opted for the safe haven currency after this week’s economic data for the Euro region is expected to show further weakness.

The Euro

The Euro tumbled to a six-week low against the US Dollar and weakened against the Pound after data showed that the German economy grew at a slower than estimated rate. German GDP rose by just 0.1% whilst the French economy contracted by 0.2%. The weaker-than-predicted GDP data in Europe’s two biggest economies highlights that the Eurozone is still stuck in recession. The Euro is expected to weaken further when GDP data for the whole Eurozone is released later today.

Australian Dollar

The ‘Aussie’ has fallen below parity against the US Dollar for the first time in 11 months after the Australian government unveiled a budget that investors see could raise the possibility of the bank making further interest rate cuts.

New Zealand Dollar

The ‘Kiwi’ continues to weaken against the US Dollar as exporters take advantage of the American currency’s strength. The New Zealand Dollar has plunged by 3.8% since the third of May as investors flock back to the ‘Greenback’ amid expectations that the world’s largest economy is making a strong recovery.

Canadian Dollar

The ‘Loonie’ has dropped against its US relation after succumbing to the US Dollars strength. The currency could reverse some of its losses later in the session if the latest Canadian manufacturing data shows signs of improvement.

South African Rand

The Rand has fallen to a fresh three-week low against the Dollar as fears over an ongoing miners’ strike could trigger a repeat of the industrial unrest that crippled the South African economy last year. Workers at Lonmin’s Rustenburg and Marikana mines were on strike for the second day on Wednesday, halting production at all 13 shafts of the world's third-biggest platinum producer.

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