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Pound Sterling

The Pound slipped against the US Dollar and Euro after the latest UK services PMI disappointed the markets. Sterling retreated from its one-month high against the Euro after the PMI came in at 50.6, a figure below the forecasted 52.

Against the Dollar, Sterling has slipped below the 1.60 mark due to a resurgent Dollar ahead of today’s US Presidential election. The key piece of data Pound traders should be aware of is Thursday’s Bank of England interest rate announcement where it is predicted that the Bank’s policy makers will choose to maintain the current rate. If the Bank decides to cut the rate further then it could damage confidence in the UK economy as investors could see a cut as a sign that further Quantitative easing measures may be on the cards.

US Dollar

The ‘Greenback’ has suffered losses against the Japanese Yen ahead of today’s Presidential election. Uncertainty over the result due to opinion polls claiming the race is too close to call have caused investors to seek shelter in the safe-haven Yen. Against the Euro the Dollar continues to make gains as the markets grow concerned over the Euro crisis and the potential threat of Greece being forced to abandon the Euro.

US Dollar traders should pay attention to any news regarding the US Presidential election. The outcome is not likely to be known until the early hours of tomorrow morning but experts will be issuing updates throughout the day. Further signs that the outcome is too close to call will almost certainly see the Dollar strengthen as the market seeks safe assets.

The Euro

The Euro has fallen to its lowest level for eight weeks against the Dollar amid speculation that Greece could struggle to secure the next round of bailout money, a situation that is putting the country’s position in the Eurozone in doubt. The single currency declined against all of its most traded peers after Greek Prime Minister Antonis Samaras vowed that the proposed wage and pension cuts will be the last. So far this year the Euro has weakened by 3.1%.

Australian Dollar

The ‘Aussie’ Dollar has climbed to its highest level since September after the Reserve Bank unexpectedly kept its benchmark interest rate unchanged at 3.25%. As a result of the decision the Australian currency strengthened against all of its 16 major counterparts. The uncertainty over the outcome of the US Presidential election and the concerns over Greece have created only limited demand for the ‘Aussie’ today. Depending on the outcome of the vote in the US the currency could be dragged downwards as investors seek safe-havens.

New Zealand Dollar

The ‘Kiwi’ has fallen against its Australian counterpart after the Reserve Bank of Australia kept interest rates on hold. The currency was prevented from sliding further by the release of the country’s latest jobs data. Employment figures for September were in line with expectations. As with the majority of currencies the ‘Kiwi’ will be influenced by the outcome of the US election.

Canadian Dollar

The ‘Loonie’ declined from its strongest level in almost a week as investor appetite for riskier assets waned over concerns over Greece’s fiscal struggle worsening the Euro crisis and the outcome of the US election dented confidence. The Canadian currency was also weakened against the majority of its most traded counterparts due to data showing that building permits in the country fell at their fastest pace in more than a year.

South African Rand

The Rand steadied against the US Dollar due to investors unwilling to take strong positions until after the US Presidential elections. The currency could weaken over the course of the day as the outlook for the nation’s biggest trade partner, the Eurozone, continues to be uncertain and drags on the Rand.

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