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Greenback recovers as EU scandal breaks

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Pound Sterling

The Pound has strengthened against the Euro in early morning trading due to speculation that the latest UK construction data will show that the sector shrank at a slower pace in January. Construction activity is expected to have risen to 49.2 compared to the 48.7 seen in December.

Last week the Pound slumped to its lowest level in 15-months against the single currency and remains in the region of 1.16.

US Dollar

The ‘Greenback’ has recovered some strength against the Euro due to nerves beginning to creep into the single currency region. Corruption allegations hitting Spanish Prime Minister Mariano Rajoy and Silvio Berlusconi catching up in the polls ahead of the Italian election risk the sense of calm that has seen the Euro rise to yearly highs against the majority of its peers. The Dollar benefitted from investors seeking a safe-haven.

The Euro

The Euro made gains against the US Dollar on Friday due to the release of a worse-than-expected Non-Farm Payrolls figure which reaffirmed the belief that the US Federal Reserve will maintain record low interest rates in the US. Today, the single currency has weakened slightly against most of its peers due to a number of political tremors hitting the Eurozone.

Australian Dollar

The ‘Aussie’ has strengthened against the majority of its peers due to speculation that the latest data will show that the nation’s trade deficit has narrowed. Economists are expecting the figures to show that imports outpaced exports by A$800 million in December compared to the A$2.64 billion shortfall in November. If the data comes in as expected then it is less likely that the Reserve Bank of Australia will choose to change the interest rate.

New Zealand Dollar

The ‘Kiwi’ has hit a two-and-a-half year high against its Australian relation due to investors awaiting the outcome of tomorrow’s Reserve Bank of Australia policy review. The RBA is expected to keep its target cash rate at 3%. The New Zealand currency is being supported by improved economic growth and the high price of raw materials.

Canadian Dollar

The ‘Loonie’ ended last week stronger against the US Dollar due to US jobs and manufacturing data pointed to a slow but steady recovery in Canada’s biggest trade partner. The currency is now trading above parity against the ‘Greenback’.

South African Rand

The Rand has strengthened against the US Dollar for a fifth-day as a technical correction caused investors to try and cover short Rand positions. The currency could experience volatility over the course of the week due to a number of data releases set to be released this week. The data includes jobless and manufacturing figures which will be a good indicator for the pace of the nation’s economic growth.

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