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Judgement day for Cyprus

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Daily Sent money home currency update

Pound Sterling

The Pound strengthened to a two-month high against the Euro due to the markets interpreting the announcement of strict capital controls in Cyprus as negative for the single currency. Today sees Cypriot banks open for the first time in ten-days and concern is high that citizens will attempt to withdraw as much of their money as possible.

US Dollar

The ‘Greenback’ reached a four-month high against the Euro yesterday before retreating slightly this morning. The currency pair fell below the $1.28 level yesterday afternoon as investors sought safe havens. The US currency is set to be the main beneficiary of the risk aversion caused by the Cyprus crisis, as both members of the public and private companies move their money out of the country and to the safety of the US.

The Euro

The Euro has made small gains against the US Dollar and erased a decline against the Japanese Yen after retail sales in Germany unexpectedly increased. Sales increased by 0.4% in February according to the German Federal Statistics Office. The currencies gain are expected to be short-lived however as volatility remains high in the Eurozone. Italy has still not managed to break its political deadlock and with Cypriot banks reopening today the currency is expected to weaken.

Australian Dollar

The ‘Aussie’ has fallen sharply against its peers after Australia’s biggest trade partner; China, announced a tightening of controls on high yielding financial products. The currency was also weighed down by a decline in job vacancies.

New Zealand Dollar

The ‘Kiwi’ remains at a multi-month high against the Euro and is on course to hit an eight-month high as concerns over Italy and Cyprus keep the single currency on edge. Trading of the currency is expected to be subdued today as the markets prepare to wind down for the Easter holiday.

Canadian Dollar

The ‘Loonie’ has made gains against most of its peers after consumer prices in the country increased at their fastest monthly pace in more than 20 years in February, increasing speculation that interest rates will be increased in the near future. The currency was also supported by increases in the price of crude oil and other commodities.

South African Rand

The Rand’s movements will be determined by the result of important economic data due for release later today. South Africa’s latest trade data is due at midday with economists predicting it to show a narrowing of the record deficit posted last month. If the data is narrower-than-expected the Rand could see support but that is likely to be limited due to ongoing concerns in the Eurozone.

Daily Sent money home currency update

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