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Markets hesitant amid over Cyprus bailout

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Daily currency update from Send money home

Pound Sterling

The Pound is little changed against the US Dollar ahead of the release of a report that economists say will show that inflation accelerated in February to its fastest pace since May 2012.

Sterling was also little changed against the Euro after reaching its highest level in five-weeks amid concern over the Cyprus bailout. Economists are expecting the Office for National Statistics to reveal that consumer prices rose by 2.8% last month.

US Dollar

The ‘Greenback’ made strong gains against the Euro before seeing a sharp correction later in the day due to investors seeking a safe haven following the Cyprus bailout announcement. Economists are predicting the currency to retreat against most of the major currencies today as traders take profits or sell off the Dollar.

The Euro

The Euro is hovering around a three-month low against the US Dollar as the currency continues to suffer from scares created by the Cyprus bailout plan. The single currency is expected to struggle to recover its losses over the course of the week as risk aversion dominates.

Australian Dollar

The ‘Aussie’ was close to a five-week high after Central Bank Deputy Governor Philip Lowe defended a higher exchange rate and savings level, saying that they had helped stabilize the country’s economy.

New Zealand Dollar

The ‘Kiwi’ has weakened against a basket of currencies after the New Zealand finance minister Bill English said that the currency was overvalued and that there is little the government can do to lower it. The currency is also being weighed down by the ongoing drought affecting the north of the country and the weakening in the price of commodities.

Canadian Dollar

The ‘Loonie’ fell to its lowest level in a week against its US relation as risk appetite was damaged by the news out of the Eurozone. The currency was also weighed down by the falling price of commodities such as crude oil.

South African Rand

The Rand is expected to make limited moves today as a cautious market awaits Wednesday’s release of the latest inflation data and the Reserve Bank’s interest rate decision.

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