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Struggling German economy forsees a bad week for the EU

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Pound Sterling

The Pound was little changed after a report showed that consumer confidence in the UK made an unexpected decline in April. The sentiment index fell from minus 26 in March to minus 27. Economists had been expecting no change.

US Dollar

The ‘Greenback’ fell to its lowest-level in more than a week against the Euro due to rising expectations that the Federal Reserve will announce that it will maintain its quantitative easing programme at its two-day monthly meeting. The Dollar could however, make a recovery against the single currency if today’s batch of Eurozone data comes in weaker-than-expected.

The Euro

The Euro is set to make a decline against the US Dollar and Sterling after German retail sales fell for a second month in March, adding to signs that Europe’s largest economy is struggling to recover. On a year-by-year basis the Eurozone’s largest economy’s retail sales declined by -2.8%. Economists had been expecting a fall to -1.2%. Unemployment data out of the Eurozone is expected to show that the number of people out of work has risen yet again. If the data proves to be worse-than-expected then we can expect investors to seek a safe-haven elsewhere.

Australian Dollar

The ‘Aussie’ strengthened against the US Dollar coming close to its highest level in almost two-weeks due to speculation that the Federal Reserve will choose to maintain its bond purchasing programme for the foreseeable picture. The currency was also supported by data that showed that private sector credit increased in March.

New Zealand Dollar

The ‘Kiwi’ fell against its Australian peer due to building approvals in the country declining by 9.1% in March from the previous month, marking a retreat from a five-year high. A decline in business confidence has also weighed on the currency.

Canadian Dollar

The ‘Loonie’ remains close to a two- week high versus its U.S. peer amid gains in crude oil, the country’s largest export, and speculation the U.S. will maintain stimulus and the European Central Bank will cut interest rates.

South African Rand

The Rand is little changed from yesterday but is expected to make significant movement when South Africa’s latest trade data is released. Economists are expecting the country to post a trade deficit of R8.5 billion for March. If the data is worse-than-expected the Rand will take a tumble against the Dollar.

This is a Sent money home currency update from Raffick Marday

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