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Pound on track to make a monthly gain on the Euro

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FX Compared currency report

Pound Sterling

The Pound is on track to make a monthly gain against the Euro after a report showed that UK consumer confidence climbed to its highest-level in more than six-years this month. An index of consumer confidence rose from -13 to -7, the highest level since September 2007 and was above forecasts for a figure of -12.

US Dollar

The US Dollar is expected to end January at its best level since 2010 against a basket of its peers ahead of the release of data which is expected to show that Americans increased their levels of spending for an eighth consecutive month. The currency remains supported by data which showed that the nation’s GDP expanded by 3.2% in the fourth quarter and the Federal Reserve’s decision to taper its quantitative easing programme.

The Euro

The Euro fell against the US Dollar and dropped against the Pound following the release of positive data from the USA and UK. The single currency was weakened by data out of Germany which showed that consumer price rises slowed in January, raising worries over the possibility of deflation occurring in the single currency bloc.

Australian Dollar

The ‘Aussie’ backed down from yesterday’s highs after the Commonwealth Bank of Australia cut its forecast for the currency. The bank believes that the currency will depreciate more than they had previously anticipated. Investors are looking ahead to next week where they are expecting the Reserve Bank of Australia to maintain interest rates at next week’s policy meeting.

New Zealand Dollar

The New Zealand Dollar weakened against several peers after the nation’s Central Bank governor said that he expects the currency is stifling growth and will be unsustainable in the long run. The currency was able to find support however after a report showed that the country’s exports exceeded imports by NZ$523 million, beating economist forecasts.

Canadian Dollar

The Canadian Dollar fell after one of Canada’s biggest banks said that it expects the currency to decline even further than previously thought by the summer. The bank expects the currency to decline to as low as 85 cents against the US Dollar as the factors that have driven the currency lower in recent months are not expected to be resolved by then.

South African Rand

The Rand steadied against the US Dollar on Friday after a turbulent week, but could come under renewed pressure in the prevailing environment of global risk aversion. The Rand has fallen by 7% versus the ‘Greenback’ since December and is on track for its biggest monthly loss since May last year when it slid more than 12%.

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