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Loonie falls as Canadian trade deficit rises

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Pound Sterling

The Pound has strengthened against the US Dollar as economists await the release of data that is expected to show that UK service output expanded in May. Against the Australian Dollar, Sterling hit a one-year high after data showed that the Australian economy grew by just 0.6% in the first quarter of 2013.

US Dollar

The ‘Greenback’ held above 100 Yen for a second consecutive day but weakened against a number of its most traded peers due to an increase in demand for riskier assets. Comments made by Kansas City Federal Reserve President Esther George also weighed on the Dollar after she urged the Fed to reduce its bond-buying programme.

The Euro

The Euro is weaker against Sterling after the latest Eurozone Purchasing Managers Index for Services was worse than economists had forecast. The PMI contracted to 47.2, down from 47.5 in the previous month. Any figure below 50 marks a contraction.

Australian Dollar

The ‘Aussie’ remains weakened against the majority of its most traded peers following the release of GDP data that came in weaker-than-expected. As a result of the data the currency fell to an 18-month low against the Euro and continued its decline against Sterling. The slowdown in growth has increased speculation that the Reserve Bank of Australia could opt to cut interest rates at its next policy meeting.

New Zealand Dollar

The ‘Kiwi’ made gains against its Australian counterpart after figures showed that economic growth across the Oceanic region was short of economists' expectations. The currency also found support after data showed that residential construction activity in New Zealand rose to its highest level in more than a decade. A fall in dairy and commodity prices however saw the ‘Kiwi’ slip against the Pound.

Canadian Dollar

The ‘Loonie’ fell against its US relation after Statistics Canada revealed that Canada’s trade deficit rose from $3 million in March to $567 million in April. Exports edged down 0.2% during the month to $40.3 billion, led by decreases in metal ores and non-metallic minerals, energy products, and industrial machinery. Imports rose 1.2% to $440.8 billion amid higher levels of energy products, motor vehicles and parts. The next key movement for the ‘Loonie’ will occur on Friday when the latest Canadian employment data is released.

South African Rand

The Rand edged upwards against the US Dollar due to the weaker Dollar helping to push the Rand off from its recent lows. The South African currency remains highly volatile and vulnerable to labour unrest and strikes in the troubled mining sector.

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