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Pound Sterling

The Pound strengthened for a fourth-day against the Euro as economists wait for the release of a report that is expected to show that the UK economy has avoided recession in the first quarter of 2013. UK GDP is thought to have increased by 0.1% in the first three-months of the year after contracting by 0.3% at the end of 2012. If the data shows that the UK did enter recession we can expect the Pound to take a tumble against its peers.

US Dollar

The ‘Greenback’ has retreated against the Japanese Yen due to showing few signs that it will breach the 100 Yen level before Friday’s Bank of Japan policy meeting. The currency also weakened against the Euro after a new Prime Minister was chosen raising hopes that the political stalemate in Italy will end soon. Worse-than-expected US durable goods data also weighed upon the currency.

The Euro

The Euro dropped to a two-week low against the US Dollar yesterday as PMI data out of Germany showed that the Euro crisis has entered the heart of the Eurozone. The currency recovered some of its losses however after recently re-elected Italian President Giorgio Napolitano chose a new Prime Minister, an important step to resolve the month’s old political stalemate in the country.

The Euro also found support after a top European Central Bank official cast doubt on the possibility of further interest rate cuts. A rate cut is generally seen as negative for the Euro because it makes Euro-denominated assets less attractive to investors.

Australian Dollar

The ‘Aussie’ has recovered some of its losses against the US Dollar despite a weaker-than-expected rise in inflation. The disappointing data heightened expectations that the Reserve Bank of Australia could cut interest rates later in the year.

New Zealand Dollar

The ‘Kiwi’ recovered some of its losses yesterday after the Governor of the country’s Reserve Bank talked up the New Zealand economy.

Canadian Dollar

The ‘Loonie’ weakened against the majority of its most traded peers due to growing concerns that the US economy is slowing down after orders for U.S. durable goods fell by their biggest margin in seven months as demand slumped for commercial aircraft and business investment cooled. The currency could make gains later today after commodity prices begin to rise.

South African Rand

The Rand has strengthened to a one-week high against the US Dollar after it was supported by improving prices for precious metals. The price of gold rose to its highest level in more than a week.

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