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Pound at lowest level in over a year against euro

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Pound Sterling

The Pound has weakened against the Euro ahead of the release of the latest UK manufacturing figures. Economists are predicting that the UK’s factory output fell from 51.4 in December to 51 in January. The decline means that Sterling is close to reaching its lowest level in more than 13-months against the single currency.

US Dollar

The ‘Greenback’ made temporary gains against most of its higher-yielding currency rivals due to the release of worse-than-expected economic data from the Eurozone. The negative figures saw investors look to the Dollar for a safe-haven.

Today, Dollar traders should be aware of the important Non-Farm Employment Change figure. A higher-than expected figure is likely to increase confidence in the US economic recovery and could lead to gains for the Dollar.

The Euro

The Euro weakened against most of its major peers due to the release of worse-than-expected German retail sales figures. The disappointing data dented confidence and raised doubts over the strength of the Eurozone’s recovery.

Today, Euro traders should be aware of the latest Spanish and Italian manufacturing data, as-well-as the latest Eurozone unemployment figures. The currency could strengthen if the figures signal any signs of economic growth.

Australian Dollar

The ‘Aussie’ weakened against the US Dollar after China, Australia’s biggest trading partner, posted a surprise decline in the strength of its manufacturing output. The Chinese Purchasing Managers Index fell to 50.4 in January, down from 50.6 in December. Against the Japanese Yen the ‘Aussie’ hit a fresh four-year high as the Bank of Japan’s monetary easing policies continue to take effect.

New Zealand Dollar

The ‘Kiwi’ soared to an 18-month high against its Australian cousin due to a declining economic picture for the bigger nation. New Zealand is becoming a more attractive destination for investors looking for higher yields as the nation’s Reserve Bank made clear that it would likely hike or maintain interest rates.

Canadian Dollar

The ‘Loonie’ rose above parity against the US Dollar and strengthened against the majority of its most traded peers as the Canadian economy posted growth of 0.3%. Economists had been predicting a rise of 0.2%.

South African Rand

The Rand has steadied against the US Dollar but remains vulnerable to volatility. A slower-than-expected rise in factory prices and the latest PMI Manufacturing figures could both drag on the currency.

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