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France call for a weaker Euro

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Foreign exchange update

Pound Sterling

The Pound was little changed against the Euro and US Dollar due to an industry report showing that home sellers raised their asking prices for a sixth-straight month in June. Last week Sterling rose to a four-month high against the US Dollar as data showed a continuing improvement to the UK economy.

US Dollar

The ‘Greenback’ made gains against the Euro and Japanese Yen ahead of the Federal Reserve’s two-day policy meeting due to begin on Tuesday. Investors are weighing up the possibility as to whether the Fed will curb its bond purchasing programme in the near future. The ‘Greenback’ was also supported by data that showed that the cost of living in the US rose in May after two straight months of decline.

The Euro

The Euro is weaker against a number of its peers after the French government called for a weaker Euro to help boost exports. The single currency could make gains later in the session if the Eurozone’s latest trade data shows that exports exceeded imports by €18.7 billion in March, the biggest trade surplus on record for the Eurozone.

Australian Dollar

The ‘Aussie’ rose after making its first weekly gain in six-weeks against the US Dollar due to speculation that the Australian currency’s decline was overdone. The currency rebounded as investors await the outcome of the Reserve Bank of Australia’s policy meeting for May which could point to a potential interest-rate cut.

New Zealand Dollar

The ‘Kiwi’ hit its highest-level in a month against its Australian relation after consumer confidence in the smaller Oceanic nation climbed by its biggest margin in three years. The currency is also finding support from expectations that GDP data due for release on Wednesday will show that the nation’s economy expanded by 0.6% in the first quarter of 2013.

Canadian Dollar

The ‘Loonie’ is trading higher against its US relation after it gained for a second-straight week on the back of stronger-than-expected jobs data and investor expectations that the Canadian economy will lead the global economy in terms of growth.

South African Rand

The Rand is weaker against the US Dollar after it surpassed the key R10 mark due to investor concerns over the stability of South Africa’s economy and uncertainty over whether the Federal Reserve will curb its asset buying programme.

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