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Overvalued Euro beginning to be watered down

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Pound Sterling

The Pound has strengthened against the Euro due to investors seeking safe havens from the fallout of the European finance ministers’ decision to levy tax on Cypriot bank deposits as part of a rescue plan for the small country.

At the weekend Sterling climbed to its highest-level since June 2012 against the US Dollar after Bank of England governor Sir Mervyn King denied talking down the currency. The currency has also found support from the latest house price data which showed a slight year on year increase.

US Dollar

The ‘Greenback’ has soared against the Euro as investors flocked to the safety of the Dollar over fears that the bailout plan proposed for Cyprus will involve taxes being imposed on depositors. The move proposed by European finance ministers has created fears that such a move could be imposed upon other struggling nations such as Spain.

The Euro

The Euro fell more than 1% against the US Dollar falling to a three-month low as an agreement on a bailout deal for Cyprus triggered fears over disruption to financial markets in the Euro zone. At the weekend the European Union and International Monetary Fund reached an agreement on a €10 billion bailout for the small country. As part of the proposal international creditors demanded that all Cypriot bank customers must pay a tax on deposits. The announcement marked the first time since the beginning of the Euro crisis that depositors have been forced to pay in return for financial aid and triggered a run on cash machines in Cyprus over the weekend. The Euro is expected to weaken further over the course of the day.

Australian Dollar

The ‘Aussie’ has weakened slightly due to risk aversion affecting the market. The decision to bailout Cyprus has raised concerns over a fresh upheaval in the Eurozone. Traders of the Australian currency should be aware of Thursday’s release of the Reserve Bank of Australia’s minutes for its 5th March policy meeting. Any hint that the bank could lower interest rates will impact the currency’s movements.

New Zealand Dollar

The ‘Kiwi’ has also been impacted by the risk aversion hitting the markets. The currency is trading lower against the Pound and US Dollar as the nation’s ongoing drought continues to weigh down the currency.

Canadian Dollar

The ‘Loonie’ rose to a three-week high against the US Dollar at the weekend due to signs of economic growth and an increase in demand for crude oil. Today, the currency has weakened as investors seek safer havens in the ‘Greenback’ and Japanese Yen as the Euro crisis rears its head once more.

South African Rand

The Rand weakened against the US Dollar as concerns about a bailout deal for Cyprus dampened risk appetite. Against the Euro the Rand strengthened slightly.

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