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'Loonie' regains some ground

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Daily Currency update

Pound Sterling

The Pound has fallen for a third-day against the US Dollar and looks set to make a weekly decline against the Euro as economists await the outcome of today’s UK retail sales report. Economists are expecting the report to show that sales increased at a slower pace in December. The currency has fallen by 1% this week and is on course to make its steepest decline since November.

US Dollar

The US Dollar is set to make its biggest weekly advance in two-months against its major peers as expectations are high that a Federal Reserve policy maker will throw his support behind continued tapering in a speech later in the session. The currency has made gains this week after retails sales, manufacturing and jobless claims data all came in positively. The Dollar is likely to push higher if industrial and manufacturing production reports come in positively.

The Euro

The Euro weakened against the US Dollar early in today’s session after the ‘Greenback’ regained lost ground. The GBP/EUR pair is likely to end the week above 1.2000 as long as this morning’s UK Retail Sales data does not provide any nasty surprises. Sales are expected to have improved by 0.3% during December. The Euro found support yesterday after ECB policy maker Jens Weidmann eased concerns over deflation in the region.

Australian Dollar

The ‘Aussie’ continued to plummet against its peers following yesterday’s poor employment data. The currency resumed its decline today after Reserve Bank of Australia governor Glenn Stevens reiterated the need for a weaker currency.

New Zealand Dollar

The New Zealand Dollar is on course to make a 2% weekly gain against its Australian relation after data showed that the divergent neighbouring economies will likely see interest rates move in New Zealand's favour. New Zealand's economy is looking increasingly attractive to investors, with a survey this week showing that business confidence reached a 20-year high.

Canadian Dollar

The Canadian Dollar regained some ground following the release of mixed data in the United States and as a Bank of Canada policy maker said that a weak ‘Loonie’ is likely to help the Canadian economy by supporting manufacturers and exporters who have been affected by the high currency. A lower ‘loonie’ helps exporters selling their goods in the United States, and gives tourists visiting Canada and Americans doing business there more buying power.

South African Rand

The Rand firmed against the US Dollar in early trade on Friday, pulling away from the psychologically key 11.0 level as a pause in the Dollar rally provided temporary respite for South Africa's currency. Gains are likely to be short-lived if US industrial and manufacturing production data comes in strongly this afternoon.