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Greece finally set to receive bailout

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Pound Sterling

The Pound has continued to rise against the US Dollar due to the improving situation in the Eurozone. Officials in the troubled single currency region have given the go ahead to release up to €44 billion in aid to help Greece.

As a result the Euro rose with the Pound tracking the increase. Against the Euro the Pound weakened. With little UK data due, traders in Sterling should focus on Wednesday’s release of the Bank of England’s minutes for its November meeting.

US Dollar

The ‘Greenback’ has turned bearish against many of its main currency rivals as increased hopes that a deal could be made to avoid the upcoming ‘fiscal cliff’ led to an increase in risk taking. Dollar traders will want to pay attention to several US news events.

Later today will see the release of the latest building permits data, and Federal Reserve Chairman Ben Bernanke is scheduled to deliver a speech regarding the pace of the economic recovery. Any indication that the US economy is slowing down could lead to further Dollar losses.

The Euro

Demand for the Euro has increased due to increasing speculation that Europe’s finance ministers are about to release a new round of bailout funds to Greece. The news has increased risk demand causing the Euro to advance against several of its main currency rivals. Traders of the single currency should anticipate significant volatility ahead of a Eurozone finance ministers meeting.

The Euro could see bullish movement against both the US Dollar and Japanese Yen if there is an announcement that Greece will receive the funds. Alternatively, if the finance ministers fail to reach an agreement regarding Greece, risk aversion may cause the Euro to reverse its gains.

Australian Dollar

The ‘Aussie’ has halted its three-day decline against the New Zealand Dollar despite the nation’s Reserve Bank saying in its November minutes that it is planning to make further reductions to the interest rate. The currency has also received a boost after the International Monetary Fund classified the Australian Dollar as a reserve currency.

New Zealand Dollar

The ‘Kiwi’ has strengthened against a number of its peers due to the increase in demand for riskier assets. The European finance ministers meeting due to be held today is expected to announce a new multi-billion Euro bailout for Greece, easing fears that the troubled nation could be forced out of the Eurozone. Bolstered by improving global sentiment amid hopes Washington will reach a compromise on the so-called "fiscal cliff" the New Zealand Dollar is expected to make further gains.

Canadian Dollar

The ‘Loonie’ has risen to a one-month high against the US Dollar after the International Monetary Fund decided to classify the North American currency as a reserve currency. Increasing commodity prices including a higher price for the nation’s biggest export of crude oil has also bolstered the currency.

South African Rand

The Rand has edged upwards against the US Dollar after recovering from last week’s 3-1/2 year low. Trading of the African currency is expected to be muted ahead of Thursday’s South African Reserve Bank Monetary Policy Committee meeting.

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