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Pound Sterling

The Pound firmed against the US Dollar yesterday after Federal Reserve Chairman Janet Yellen told the US senate that monetary authorities are concerned with the recent run of weak US data releases. Sterling was little moved today after a GFK Consumer Confidence report matched economist expectations.

US Dollar

The US Dollar was softer against the Pound and Euro after Federal Reserve Chairman Janet Yellen told U.S. legislators that monetary authorities were concerned with soft economic indicators. She added that the Central Bank’s monetary policy remains on course for now. Yesterday’s disappointing jobless claims data also weighed upon the currency. Data also showed that durable goods orders fell by 1%. Investors will be watching today’s GDP data closely to see if the run of weak data has had an impact on GDP. Pending home sales and Chicago’s manufacturing PMI data are also due for release.

The Euro

The Euro is little moved against the Pound and US Dollar as economists await the release of Eurozone unemployment and inflation data. If the inflation report comes in weakly then the Euro is sure to fall as expectations will rise that the European Central Bank will introduce new stimulus measures to fend off the threat of deflation. If unemployment rises then confidence in the region’s recovery will suffer.

Australian Dollars

The ‘Aussie’ tumbled against most of its major peers after the Chinese Yuan made its biggest decline against the US Dollar in nine years. The currency also remains under pressure from falling iron ore prices and from yesterday’s disappointing business investment data.

New Zealand Dollar

The New Zealand Dollar climbed to a seven-week high against a number of peers due to the release of an upbeat business survey which increased speculation that the New Zealand Central Bank will hike interest rates next month.

Canadian Dollar

The Canadian Dollar pared its losses against the US Dollar yesterday after a report showed that Canada’s current account deficit widened less-than-expected.According to the report released by Statistics Canada, the North American nation’s current account deficit widened to a seasonally adjusted figure of C$16 billion in the fourth quarter of last year, up from the C$14.8 billion seen in the third quarter. Economists had been expecting the deficit to have widened by C$17 billion in the fourth quarter.

South African Rand

The Rand is weaker against most peers and is likely to suffer further losses if today’s trade data comes in below forecast.

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