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German liability to the ESM must not exceed €190bn

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Pound Sterling

The Pound has hit a four-month high against a weakened Dollar due to the ‘Greenback’ coming under heavy pressure on speculation that the US Federal Reserve could announce further quantitative easing measures this week. The Pound is set to weaken against the Euro after the German Court ruled in favour of the European Stability Mechanism.

Currently the Pound is trading in the region of 1.251 against the Euro and 1.601 against the US Dollar.

US Dollar

The ‘Greenback’ has fallen to a four-month low against the Euro ahead of the Federal Reserve’s two day policy meeting that starts today. Speculation over whether the Reserve will begin a new phase of monetary easing caused the currency to fall against 11 of its 16 major peers. A large number of economists are predicting that the measures will be announced tomorrow. The US has suffered from weak jobs figures, with unemployment still exceeding the 8% mark.

Currently the US Dollar is trading in the region of 0.622 against the Pound and 0.777 against the Euro.

The Euro

The Euro has struck a 4-month high against the US Dollar and is set to rise further against its peers due to the German court’s ratification of the Euro-zone’s permanent bailout fund. The court however has imposed conditions on the plan.

Depending on how strict these conditions are the currency could be hit by investor worries over the feasibility of the ruling. The key conditions announced so far are: 1) the court has rules that German liability to the ESM must not exceed €190bn without asking the Bundestag for approval. 2) Both Houses of German Parliament must be kept informed.

Currently the Euro is trading in the region of 0.800 against the British Pound and 1.287 against the US Dollar.

Australian Dollar

The ‘Aussie’ has hit a three-week high against the US Dollar as investors warm to the idea of the Federal Reserve initiating a new round of quantitative easing. The demand for riskier assets has risen amid the speculation that China may also be close to implementing its own monetary measures in a bid to prevent a further slowdown of its economy. The Australian Dollar is also benefitting from a report released by the Melbourne Institute that showed that consumer confidence improved this month.

Currently the Australian Dollar is trading in the region of 0.651 against the Pound, 0.814 against the Euro and 1.046 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ has followed its Australian cousin in an upwards move against the US Dollar. The currency was also supported by Fitch Ratings affirming the country’s AA credit rating. Some New Zealand MP’s have expressed concern over the strength of the currency stating that it is ‘highly over-valued’. They are seeking ways to reduce the Dollar’s value in order to help boost exports and secure jobs. A report from economic and business research company BERL into the merits of such an amendment is expected to be released on Thursday.

Currently the New Zealand Dollar is trading in the region of 0.510 against the Pound, 0.637 against the Euro and 0.819 against the US Dollar.

Canadian Dollar

The ‘Loonie’ has hit a 13-month high against its US relation due to the speculation over whether the Federal Reserve will announce a further round of Quantitative Easing. The higher price of oil and other commodities has also benefitted the currency and with the German court ruling in favour of the ESM, demand for riskier assets looks set to rise.

Currently the Canadian Dollar is trading in the region of 0.640 against the Pound, 0.798 against the Euro and 1.028 against the US Dollar

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