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New Zealand Dollar hits record high against pound

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Pound Sterling

The Pound strengthened against the US Dollar due to economists predicting that today’s UK retail sales data will show signs of improvement. Sales including fuel were expected to have risen by 0.5% in January compared to the decline of 0.1% seen in December 2012. Instead the data showed a decline of 0.6%. The terrible news will almost certainly lead to a weakening of the currency.

US Dollar

The ‘Greenback’ has weakened against several of its currency peers after a rally in the Japanese Yen pushed the currency lower. It has fallen against the Pound, Australian Dollar and New Zealand Dollar.

The Euro

The Euro has weakened to a two-week low against the Japanese Yen and fell against the US Dollar due to investors cutting bets against the Japanese currency ahead of the G20 summit due to be held in Moscow. The Euro’s weakness against the Dollar was caused by a weakening in demand for riskier assets.

Australian Dollar

The ‘Aussie’ has continued its rise upwards after a rally in the Japanese Yen pushed the US Dollar down. House prices in the country have risen solidly and consumer confidence rose to its highest level in more than two years. The Reserve Bank of Australia’s recent comments over the strength of the currency could lead to some losses as traders could become concerned that the Bank may take action to lower the ‘Aussie’s’ value.

New Zealand Dollar

The ‘Kiwi’ has hit a 17-month high against the US Dollar, and hit a new record high against Sterling due to the release of upbeat domestic data. The currency has reached its strongest level since September 2011 against its American relative, gaining by 2% this week alone. According to the latest data, retail sales in the country jumped by 2.1% in the fourth quarter of 2012 raising the possibility that the Reserve Bank of New Zealand could raise interest rates.

Canadian Dollar

The ‘Loonie’ made slight gains against the US Dollar but remains just under parity. The rise came after the price of oil increased. Against the Euro the currency hit a three-week high after the single currency region posted a string of weak GDP data.

South African Rand

The Rand has advanced close to a one-month high against the US Dollar and could strengthen further. The increase came despite the latest mining data being a disappointment. South Africa’s gold output fell by 21.2% and total mineral production fell by 7.5%.

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