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Pound plummets after UK's credit rating is cut

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Pound Sterling

The Pound fell to a 16-month low against the Euro and plummeted to its weakest level in 31-months against the US Dollar after the credit ratings agency, Moody’s, cut the UK’s AAA credit rating. The agency lowered the nation’s rating to Aa1, after citing weakness in the country’s growth outlook.

On Wednesday the Office for National Statistics will release the UK’s latest GDP data. Economists are predicting that the nation’s economy contracted by 0.3% in the fourth quarter of 2012.

US Dollar

The ‘Greenback’ has strengthened against the majority of its peers after minutes from the US Federal Reserve’s last meeting showed that several officials favoured varying the pace of bond purchases.

Against the Pound the Dollar soared after Moody’s slashed the UK’s credit rating. Against the Euro the Dollar is trading steady ahead of the outcome of the Italian election. If a weak government is elected or the result is inconclusive then the Dollar will likely strengthen against the single currency.

The Euro

The Euro soared to a 16-month high against the Pound after the UK’s credit rating was cut by Moody’s. Against the US Dollar the currency is trading steadily as the markets await the outcome of the Italian elections. The currency received a slight boost after Cyprus elected the pro Euro Nicos Anastasiades to become the island’s president.

Australian Dollar

The ‘Aussie’ has weakened against the majority of its peers after a preliminary survey showed that China’s manufacturing is expanding at a slower pace than expected, dimming the outlook for Australian trade.

New Zealand Dollar

The ‘Kiwi’ is trading down against the US Dollar due to a decline in risk appetite and other international factors sidelining the currency. Tomorrow sees the Reserve Bank of New Zealand release its latest inflation data.

Canadian Dollar

The ‘Loonie’ is trading at its lowest level since June 2012 against the US Dollar due to concerns over the state of the Canadian economy. The worse-than-expected industrial data and falling price of crude oil are all weighing down the currency.

South African Rand

The Rand weakened against the Dollar and is expected to weaken further if domestic economic data comes in weaker than market expectations. South Africa’s latest GDP data is due on Tuesday, and is expected by the government to show that the nation grew by 2.7%, a figure disputed by economists as too ambitious.

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