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Hurricance Sandy forces closure in US market

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Pound Sterling

The Pound dipped against the Dollar falling below the 1.61 mark but steadied later on due to Hurricane Sandy forcing the closure of the US stock exchange and causing investors to take a risk adverse approach to the normally regarded safe haven currency. The storm has created a low volatility situation in the markets causing the currency pair to drop. The Pound weakened against the Euro after Spain posted a better-than-expected GDP figure for the third quarter and suffered from the weak trading caused by the impact of the Hurricane hitting the States.

US Dollar

Trading of the American currency has been muted due to the impact of Hurricane Sandy. The biggest storm ever recorded hitting the USA forced the closure of the US stock exchange and is expected to cause several billion dollars worth of damage. As a result of the lack of trades the Dollar slid against the majority of its peers.

The Euro

The Euro has made gains against the US Dollar and British Pound due to a slightly better-than-expected GDP result for Spain. The embattled nations GDP were predicted by economists to fall by –o.4%, instead it fell by 0.3%. The situation is still very grim for the country but it seems the markets are happy taking any bits of good news. The poor figure has increased expectations that Spain will ask for financial help within weeks increasing confidence in the currency and raising risk demand.

Australian Dollar

The ‘Aussie’ began the day trading down against the US Dollar as the markets grew increasingly risk averse due to the Hurricane in the USA. This was reversed however once investors began to pare bets that the nation’s Central Bank will lower interest rates in the near future. As a result the currency has strengthened against most of their major peers. Against the Japanese Yen the ‘Aussie’ weakened after the Bank of Japan expanded its asset-purchase fund by 11 trillion yen.

New Zealand Dollar

The ‘Kiwi’ has followed the same pattern as its Australian relation. It too began the day down against the US Dollar before making a recovery later in the day; the nation’s Central Bank is also expected to lower rates in the near future. The odds for New Zealand’s central bank to lower its benchmark rate, currently held at 2.5 percent, in December by the same amount fell to 14% from 18%.

Canadian Dollar

The ‘Loonie’ has slumped below parity against its US counterpart for the first time since August as risk appetite waned. The currency has fallen for five days

straight and was not helped by Hurricane Sandy battering the US East Coast and Canada’s South East. The currency was also not helped by the credit ratings agency Moody’s warning that it may cut the ratings of six Canadian-based lenders.

South African Rand

The Rand remains firm against the US Dollar but traders are warning that concerns over the state of the Eurozone are dragging on the currency. The Rand could see losses over the course of the week after several thousand striking platinum miners continued to strike. Police fired rubber bullets and tear gas to disperse the crowds, in scenes reminiscent of previous violent strikes. Today’s outbreak of violence is almost certain to spook the markets over fears that South Africa has not seen the end of the problems in its workforce.

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