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Increased optimism over the Eurozone’s economic recovery

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FX Compared forex update

The Euro

The Euro firmed early in the session after a report showed that European car sales increased by 7.6% last month, the sixth consecutive gain. The data increased optimism over the Eurozone’s economic recovery. The currency remains vulnerable however to events in Ukraine as Russia takes a step closer to annexing the Crimea. The West and the Ukrainian government in Kiev say the referendum - called by Crimea's pro-Russian parliament in early March - was carried out in haste and under military occupation.

Pound Sterling

The Pound is weaker against most of its peers in a session devoid of any domestic data releases. Investors are taking a wait-and-see approach to the currency ahead of tomorrow’s unemployment data. The currency could see some movement later in the day due to Bank of England Governor Mark Carney delivering a speech this evening.

US Dollar

The US Dollar softened against the Japanese Yen but was higher against the Pound and Euro as investors await the outcome of Wednesday’s Federal Reserve policy meeting. The currency softened yesterday after data showed that the USA’s recovery remains sluggish. The ‘Greenback’ could experience volatility this afternoon due to the release of inflation and housing data.

Australian Dollar

The ‘Aussie’ weakened against several peers after the Reserve Bank of Australia said that it plans to leave interest rates at the current record low level due to signs that the low rate was helping to support economic growth.

New Zealand Dollar

The New Zealand Dollar was lower against a number of peers as investors remain jittery over events in Ukraine. Investors are also nervous ahead of Wednesday’s US Federal Reserve policy statement. The currency could find support after a deal was reached that will see New Zealand's economic ties with China be strengthened. The deal will allow direct trading of the New Zealand Dollar against the Chinese currency the Renminbi or Yuan.

Canadian Dollar

The Canadian Dollar edged higher against several peers yesterday after risk sentiment improved and commodity prices rose. Sentiment was supported after sanctions imposed by the West on Russia were perceived as relatively weak and would not impact on the global economy.

South African Rand

The Rand remains weaker against its peers as investors look ahead to the week’s data releases. The Federal Reserve is due to hold its latest policy meeting this week and South Africa is due to release its inflation figures for February and January’s retail sales data.

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