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Pound heading for 2 year high on the Dollar

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FX compared daily currency report

Pound Sterling

The Pound is heading for a two-year high against the US Dollar after a Bank of England policy maker said that the UK Central Bank could take action to prevent house prices from rising too quickly. Against the Euro Sterling climbed by its biggest margin in six weeks following the release of a report last week which showed that unemployment in the UK fell to its lowest-level in over four years.

US Dollar

The US Dollar retreated from a five-year high against the Japanese Yen and slipped against the Euro as investors locked in gains following the currencies sharp rally last week. Trading is expected to be light this week due to the Christmas holidays.

The Euro

The Euro made gains against the US Dollar as investors embarked on a bout of profit taking following last week’s decision by the US Federal Reserve to taper its $85 billion per month monetary easing. The single currency has also found support from an increase in risk sentiment following last week’s data release which showed that GDP in the US expanded by 4.1%.

Australian Dollar

The ‘Aussie’ rebounded from a three-and-a-half year low against the US Dollar as investors opted to take their profits before Christmas. Last week saw the Australian Dollar tumble after the US Federal Reserve announced its tapering decision but was able to regain ground from the profit taking.

New Zealand Dollar

The ‘Kiwi’ retreated against a number of peers due to the markets winding down in the run to Christmas. The currency is likely to pick up speed in the New Year as data reports continue to show that the New Zealand economy is thriving. A recent report showed that the nation’s economy expanded at its fastest quarterly pace in almost four years and business confidence is at its highest level in 15 years.

Canadian Dollar

The Canadian Dollar remains weaker against its US relation following last week’s decline as a result of the Federal Reserve’s decision to begin tapering its monetary easing programme in January. As a result of the Fed’s decision the ‘Loonie’ tumbled to a fresh three-year low and looks likely to struggle in that region for a while.

South African Rand

The Rand edged higher against the US Dollar early on Monday as many traders and investors beginning end of year breaks. The currency is on course for a 22% loss against the Dollar this year, with sentiment being buffeted for most of 2013 by strikes that hit output in the key mining and manufacturing sectors.

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