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Good UK GDP figures confirm recession exit

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Pound Sterling

The Pound has surged upwards against the US Dollar, breaking solidly through the 1.61 mark. The upswing comes after the release of the latest UK GDP figures showed that the British economy has exited recession and grown by a full 1% in the third quarter.

The Pound is set to make gains against the majority of its peers on the back of the news, and with the Bank of England stating that the UK economy is ‘past its worst’ the prospect of further quantitative easing has also diminished.

US Dollar

The ‘Greenback’ has made gains against the Euro after the US Federal Reserve chose to maintain its current level of monetary easing, and suggested it is not getting any closer to making further boosts to its monetary stimulus programme. The decision has reduced market concern that further action would debase the currency. Over the past week the US Dollar has advanced by 0.8% making it the second best performing currency after the New Zealand Dollar.

The Euro

The Euro has fallen against most of its major peers due to poor economic data coming out of the region. German business confidence slumped to its lowest level since February 2010 causing investors to seek safe-havens elsewhere. Against the US Dollar it fell to its lowest level in more than a week.

Australian Dollar

The ‘Aussie’ has advanced to a monthly high against the Japanese Yen as traders reduced bets that the country’s Central Bank Governor will cut Australia’s borrowing costs for next month. Traders are also expecting a 64% chance that the Central Bank will lower its key rate to 3% at next month’s policy meeting.

New Zealand Dollar

The ‘Kiwi’ climbed to a two-week high due to the country’s new Reserve Bank Governor Graeme Wheeler choosing to keep the nation’s official cash rate on hold at 2.5%. Investor’s looking for signs of an easing bias were slightly disappointed that he gave no hint that rates could go lower in the near future. Demand for the ‘Kiwi’ was also bolstered by the sale of 2.5 billion worth of government bonds. Against the Japanese Yen the ‘Kiwi’ has reached a six-month high due to Reserve Bank’s decision.

Canadian Dollar

The ‘Loonie’ has fallen against the majority of its peers, after the Governor of the Bank of Canada Mark Carney dismissed the need for imminent interest rate increases. The Governor’s comments allowed the currency to climb upwards from a more than two-month low against the ‘Greenback’. The Canadian currency remains above parity against its US relation.

South African Rand

The Rand has firmed against the US Dollar ahead of the release of the country’s medium-term budget. Trading is expected to be relatively light due to the markets taking a wait-and-see approach to the data. Finance minister Pravin Gordhan will deliver his budget speech at mid-day.

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