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Germany still holding up Eurozone

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Pound Sterling

The Pound is little changed against the Dollar and the Euro as the markets await the release of the latest UK retail sales figures. Economists are expecting the report to show that retail sales rebounded in November. The Pound remains close to a three-month high against the US Dollar trading around the $1.6256 level.

US Dollar

The ‘Greenback’ took losses yesterday due to increased optimism in the Eurozone after a report showed that the business climate in Germany has improved. Today, Dollar traders should pay attention to the latest Unemployment claims and existing home sales data. Any better-than-expected news could help the currency reverse its losses.

The Euro

The Euro has made gains against most of its major currency rivals due to the release of a better-than- forecasted German Business climate report. Against the US Dollar the single currency was able to hit an eight-month high. Today, Euro traders should be aware of any developments in the US budget negotiations over the ‘fiscal cliff’.

Australian Dollar

The ‘Aussie’ weakened against the US Dollar for the first time in two-weeks as the currency lost some of its safe-haven allure. Recently traders have used the Australian currency as a safe-haven from the instability in the USA and Europe, now with optimism rising in both regions, the ‘Aussie’ has weakened.

New Zealand Dollar

The ‘Kiwi’ has weakened against the Japanese Yen after the Bank of Japan eased monetary policy but failed to take the action the markets were expecting to bolster the weakened economy. The ‘Kiwi’ was also brought under pressure after the economy posted weaker-than-expected domestic growth. GDP rose

by just 0.2% in the third quarter, lower than the predicted 0.4%.

Canadian Dollar

The ‘Loonie’ declined against its US counterpart for a second day as US negotiations over the ‘fiscal cliff’ remain unresolved. The Canadian currency was trading close to its lowest level since July. Against the Euro it declined as German business confidence increased for a second month in December, a possible sign that Europe’s largest economy could support a Eurozone recovery next year.

South African Rand

The Rand is holding relatively steady against the US Dollar due to investor sentiment being relatively positive after a leadership conference of the ruling ANC party reduced any fears of radical policy shifts. Investors had been worried that Jacob Zuma’s government could introduce plans to nationalise the nation’s struggling mining sector.

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