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Germany’s Court will back the Euro zone

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Pound Sterling

The Pound has slipped from a four-month high against the US Dollar but remains in the region of the all important 1.60. Expectations that the US Federal Reserve is considering further monetary easing and steady policy in the UK are offering the currency support.

The Euro is trading near a two-month high against Sterling as investors wait to see whether Germany’s Constitutional Court will back the Euro zone’s permanent bailout fund.

The cause for the Pound’s dip is that recently the markets have regarded the currency as a safe haven; now that the appetite for risk has improved the Pound has fallen out of favour.

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

US Dollar

The Dollar has posted losses against the Euro and Pound as the demand for riskier currencies continues to improve. Expectations that the Federal Reserve is going to implement a new round of quantitative easing in the very near future have seen the markets predict a further weakening in the Dollar. The Dollar wasn’t helped after the latest Labour department report showed that payrolls rose less than forecast.

Currently the US Dollar is trading in the region of 0.624 against the Pound and 0.783 against the Euro.

The Euro

The Euro has extended its gains against the US Dollar, rising to its highest level for four months after the German Constitutional Court confirmed that it will announce its verdict over whether the Euro zones rescue fund is legal on Wednesday. The single currency is trading at its highest level since May 22nd.

Currently the Euro is trading in the region of 0.798 against the British Pound and 1.279 against the US Dollar.

Australian Dollar

The ‘Aussie’ is trading lower today as the markets await the outcome of the ruling from the German Constitutional Court over the Eurozone bailout fund. A weakening Chinese economy has raised fears that Australian exports will drop as the world’s second largest economy and Australia’s biggest trade partner suffers a slowdown.

Currently the Australian Dollar is trading in the region of 0.645 against the Pound, 0.808 against the Euro and 1.033 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ is little changed in local trading as investors await the German Constitutional Court judgment on the legality of the euro-zone's rescue fund. New Zealand is on the road to recovery after it was revealed that property values in the country continued to improve, almost reclaiming all of the losses the sector suffered during the recession.

Currently the New Zealand Dollar is trading in the region of 0.505 against the Pound, 0.632 against the Euro and 0.810 against the US Dollar.

Canadian Dollar

The ‘Loonie’ has hit a one-year high against the US Dollar and has outperformed all of its peers as investors anticipate that the Federal Reserve will announce a new round of quantitative easing. The ‘Greenback’ has weakened by 22% against the Canadian Dollar.

Currently the Canadian Dollar is trading in the region of 0.639 against the Pound, 0.802 against the Euro and 1.026 against the US Dollar.

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