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Francois Hollande: Euro crisis is over

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Pound Sterling

The Pound has weakened against the Euro and US Dollar due to a selloff of the currency and as speculation mounts that the US Federal Reserve will soon announce a slowdown of monetary stimulus. Sterling should regain some ground as signs of a strengthening in the UK economy continue. A gauge of company output rose to its highest level since June 2012 and business confidence continues to rise.

US Dollar

The ‘Greenback’ has strengthened for a second consecutive day as speculation mounts that the Federal Reserve will choose to slow its monetary stimulus programme as the economy improves. Against the Japanese Yen the US Dollar rallied from a two-month low due to last week’s better-than-expected US jobs data.

The Euro

The Euro has strengthened against Sterling due to expectations that the Euro-Zone Sentix Investor Confidence data will show signs of an improvement. Investors are hoping that what French President Francois Hollande told reporters in Japan is true, that the ‘Euro crisis is over’. The Euro managed to make some gains against its peers after European Central Bank President Mario Draghi reaffirmed the bank’s commitment to the Euro.

Australian Dollar

The ‘Aussie’ fell to a two-and-a-half year low against its US relation due to the release of unexpectedly weak data out of China, Australia’s biggest trading partner. The Chinese economy grew at its slowest pace for 13 years in 2012 and so far this year economic data has surprised on the downside which is prompting warnings from some analysts that the country could miss its growth target of 7.5% for this year. The ‘Aussie’ has also been weighed down by the growing confidence in the US economic recovery which has seen investors ditch the currency in favour of the ‘Greenback’.

New Zealand Dollar

The ‘Kiwi’ is trading close to an eleven-week low against the US Dollar due to the release of the weaker than expected data out of China. Chinese manufacturing and trade figures released on the weekend were weaker than expected, sapping demand for the Oceanic currencies. The currency has also been weighed down by the spur in demand for the US Dollar as data continues to show the world’s biggest economy is making a strong recovery.

Canadian Dollar

The ‘Loonie’ made its biggest gains against its US relation in a year and a half after the Canadian economy added the largest number of jobs in a decade. Today the currency has retreated due to a fall in commodity prices and the renewed demand for the US Dollar.

South African Rand

The Rand declined by 1.7% against the US Dollar after the currency was weighed down by fears that more strikes in the mining sector could take place. Tensions remain high with upcoming wage negotiations and renewed tensions between rival trade unions.

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