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Italian election main concern for the Euro.

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Pound Sterling

The Pound fell sharply against the Euro and Dollar yesterday after minutes from the Bank of England's latest policy meeting showed growing support for more stimuli to boost the U.K.'s flagging economy. Against the US Dollar, Sterling slumped to a 31-month low and against the Euro it fell to its lowest level since October 2011.

US Dollar

The ‘Greenback’ gained against most of its major counterparts after minutes of the Federal Reserve’s January meeting showed that several policy makers advocated varying the pace of bond purchases. The currency was also aided by evidence that the recovery in the world’s largest economy is gathering pace.

The Euro

The Euro has weakened to a six-week low against the US Dollar after minutes of the latest Federal Reserve policy meeting showed that some policy makers believe that the Fed may have to slow or stop its purchasing of bonds before it sees a pick-up in employment.

The Euro is also being weighed down by concerns over the outcome of this weekend’s Italian election. Silvio Berlusconi has closed the gap with the frontrunner. If Berlusconi wins then we can expect the Euro to weaken further as investors fear that a victory for him would lead to Italy requesting a bailout.

Australian Dollar

The ‘Aussie’ has extended its losses due to rising concerns that the US Central Bank will soon take steps to wind down the stimulus measures that have supported the world’s biggest economy. The currency could find support from the rising price of iron ore, Australia’s biggest export earner.

New Zealand Dollar

The ‘Kiwi’ tumbled yesterday, after Reserve Bank Governor Graeme Wheeler said that the currency was over-valued and reminded the market of his criteria for intervention. The ‘Kiwi’ was also weakened by a souring global mood for riskier assets. The uncertainty over the Italian elections and the news that the US Federal Reserve is thinking about ending its strategy to buy unlimited bonds added to the decline in demand.

Canadian Dollar

The ‘Loonie’ slumped to a seven-month low against its US relation due to the Federal Reserve minutes and the weakening demand for perceived riskier assets.

South African Rand

The Rand has weakened against the US Dollar and is expected to make further losses. The currency is still struggling to shake off investor concerns over potential labour unrest and is vulnerable to a decline in demand for riskier assets.

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