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Mixed results for the Pound yesterday

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Pound Sterling

The Pound weakened to a seven-month low against the US Dollar yesterday after Bank of England policy maker Martin Weale endorsed the currency’s fall, saying that it could boost UK exports. Today, Sterling could recover some of its lost ground as economists predict that tomorrow’s release of UK unemployment data will show that the number of people claiming jobseekers allowance declined by 5,500. Against the Euro the Pound has strengthened due to a series of disappointing economic data releases and political uncertainty in the single currency region.

US Dollar

The ‘Greenback’ did not move much yesterday as the US markets were shut for the President’s Day national holiday. Due to factors outside the country the currency strengthened slightly against the Pound and Japanese Yen.

The Euro

The Euro has weakened against the US Dollar and Pound due to the release of data showing that car sales across the European Union fell to its lowest ever level for a January. The currency was also weighed down by continuing political concerns in the run up to the Italian election and the second round of voting for the Cypriot election.

Australian Dollar

The ‘Aussie’ strengthened against most of its peers after the Australian Central Bank signalled that it was in no mood to make further cuts to interest rates. The Reserve Bank of Australia said that it is seeing signs that previous rate cuts are starting to have a positive effect on the nation’s economy.

New Zealand Dollar

The ‘Kiwi’ has weakened against the majority of its peers after China’s quarantine administration destroyed three different brands of New Zealand produced milk powder. The act has raised new fears over the quality of the small nation’s biggest export. The quality of New Zealand’s food exports has been the cause for concern before after a recent scare over the presence of a benign chemical being found in a batch of the powder last month.

Canadian Dollar

The ‘Loonie’ remains weaker against the US Dollar due to the market still processing the surprisingly weak domestic manufacturing sales data posted last week.

South African Rand

The Rand has weakened against the Dollar due to yesterday’s latest bout of violence at one of South Africa’s biggest Platinum mines. At least thirteen workers were wounded by rubber bullets and machetes as rival unions clashed with security guards. The violence has caused worries over the stability of South Africa’s key industry and could see the Rand weaken further if more violence takes place.

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