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Pound pushes towards a 2 ½ year high against US Dollar

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Sendmoneyhome currency report

Pound Sterling

The Pound made gains against the Euro and pushed towards a 2 ½ year high against the US Dollar ahead of the release of data which is expected to show that the UK economy expanded in the last quarter of 2013.

US Dollar

The US Dollar made gains against the Japanese Yen after the Bank of Japan released data which showed that December’s year-on-year corporate service price index rose by 1.3%, higher than the expected figure of 1.1%. TheU.S. Dollar also moved higher against most major currencies as expectations held firm the Federal Reserve will conclude a policy meeting this week by reducing its USD75 billion monthly bond-buying program though soft housing data watered down the greenback's gains.

The Euro

The Euro softened against the Pound and US Dollar on a day which promises little in terms of Eurozone data. Only a report from France which showed that consumer confidence rose in the regions second largest economy offered support. With a plethora of US data and key UK GDP data due the Euro will be at the mercy of international news.

Australian Dollar

The ‘Aussie’ made its biggest one-day gain in a fortnight due to investors saying that the currency’s recent losses were overdone.

New Zealand Dollar

The New Zealand Dollar fell against all of its most traded peers as economists forecast that Central Bank policy makers meeting later in the week will choose to not raise the nation’s key interest rate.

Canadian Dollar

The Canadian Dollar softened against the Pound and other peers after Canada’s biggest export, crude oil fell in value. The commodity fell as the markets digested last week’s news out of China and as emerging markets suffered from a rout.

South African Rand

The Rand regained some of its footing against the US Dollar on Tuesday, largely tracking a similar recovery in emerging market peer the Turkish lira, whose slide to multi-year lows it had mirrored the previous day. The currency remained under pressure over concerns over an ongoing strike at South Africa’s Platinum mines.

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