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Pound set to make third weekly gain

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Pound Sterling

The Pound is on course to make its third weekly gain against the Euro due to expectations that UK house price data showed a further increase in December. The data is expected to support evidence that the nation’s property market is helping to fuel the economic recovery. Other data released today includes mortgage approvals and construction PMI, both of which are expected to show improvement.

US Dollar

The US Dollar is trading higher against the Euro and Pound after it found support from yesterday’s jobless claims and manufacturing PMI data. Also aiding the currency is the increased demand for safer assets following the release of disappointing data out of the world’s second largest economy, China.

The Euro

The Euro fell against the US Dollar and was softer against the Pound after disappointing service sector data out of China dampened market sentiment. Also weighing upon the single currency was speculation that the Euro’s recent rally which made it 2013’s best performing currency will end as global Central Bank policies diverge.

Australian Dollar

The ‘Aussie’ rallied against a number of its most traded peers including the Pound and US Dollar as traders embarked on a bout of bargain hunting. The currency pushed close to US90 cents as investors sought to buy the ‘Aussie’ on the cheap. The bout of buying meant that the currency largely ignored the disappointing data out of China.

New Zealand Dollar

The New Zealand Dollar remains mixed against its peers as it continues to suffer from a lack of new data releases over the holiday period and muted trading in the markets. The ‘Kiwi’ will probably drift lower against the Pound and US Dollar until trading picks up next week.

Canadian Dollar

The Canadian Dollar climbed against its peers after manufacturing in the US, Canada’s biggest trading partner increased at its second fastest pace in more than two-years. Further gains were limited however as the value of Canada’s biggest export of crude oil fell.

South African Rand

The South African Rand fell to a five-year low against the US Dollar yesterday in a day which saw thin trading of the currency. The Rand slipped against several of its major rivals as the appeal of commodity-driven currencies faltered in the face of less-than-impressive manufacturing data for China, the world’s second largest economy.

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