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Fiscal cliff averted

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Pound Sterling

The Pound has soared to its strongest level in 16-months against the US Dollar due to US lawmakers successfully passing legislation that will enable the world’s biggest economy from falling over the ‘fiscal cliff’. Sterling also saw gains against the Japanese Yen as economists predict that a new data report will show that UK manufacturing stabilized in December.

Against the Euro the Pound has weakened slightly due to the Euro strengthening due to the news out of the United States. An increased sense of optimism regarding the Eurozone in 2013 has seen the single currency firm.

US Dollar

The ‘Greenback’ has weakened against the majority of its currency rivals as investors resorted to a bout of risk taking ahead of the announcement that the ‘fiscal cliff’ has been averted. The currency has weakened to its lowest level in a year against the British Pound and its lowest level since May against the Euro.

Dollar traders should be aware of the latest ISM Manufacturing data scheduled for release later today, a figure lower than the predicted 50.2 could lead to additional losses for the safe-haven currency.

The Euro

The Euro has made gains against its major currency rivals due to investors taking more risk as the markets digest the news that the US ‘fiscal cliff’ has been

avoided. Against the US currency the Euro rose to its highest level in eight months and has strengthened against the British Pound. Today, Euro traders will want to pay attention to the latest manufacturing data out of the UK, US, Italy and Spain. Should any of the data come in below the forecasted levels, fears regarding the pace of the global economic recovery may hurt riskier assets, including the Euro.

Australian Dollar

The ‘Aussie’ has made gains after the successful conclusion to the US ‘fiscal cliff’ negotiations. The Republican controlled House of Representatives approved the deal that sees a rise to the tax rate of couples earning more than $450,000 and extending a number of tax cuts. The outcome boosted demand for riskier currencies such as the Euro and Australian Dollar. The currency shrugged off domestic data which showed that house prices were weaker in December and dampened expectations of a recovery in the nation’s property sector.

New Zealand Dollar

The ‘Kiwi’ has followed its Australian relation upwards due to the ‘fiscal cliff’ negotiations coming to a positive conclusion. The New Zealand currency headed for an 18% increase against the Japanese Yen as investors expect Japan’s new government to begin to lean on the Bank of Japan and put pressure on it to weaken the Yen.

Canadian Dollar

The ‘Loonie’ has gained against its US relation after traders took more risk due to the resolution of the ‘fiscal cliff’. The currency was also boosted by a rise in Canada’s largest export, crude oil, which saw its value increase by 1%.

South African Rand

The Rand has strengthened against the US Dollar as the US avoided toppling over the ‘fiscal cliff’ in a last minute deal. The currency benefited from the increase in demand for riskier assets rising to its highest level in almost a month.

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