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Services sector boosts the Pound

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Pound Sterling

The Pound strengthened to a one-month high against the US Dollar after stronger-than-expected UK service sector data boosted confidence that the nation is on track to make a recovery. The UK Service Industry, which makes up around 70% of British Gross Domestic Product, climbed to a yearly high PMI score of 54.9 during May. The surprisingly robust figure smashed economists’ expectations of 53.1 and reflected significantly well on the UK economy’s performance so far in the second quarter. Sterling could find further support if the Bank of England announces that it will keep its stimulus measures unchanged.

US Dollar

The ‘Greenback’ rallied against the Japanese Yen and remains volatile against its other major peers as investors take a wait and see approach to tomorrow’s US jobs data release. Weighing upon the currency is the rising speculation that the US Federal Reserve could curb its monetary stimulus programme. A strong showing from Friday’s jobs data could be the catalyst needed to spur the Fed into policy cutting action.

The Euro

The Euro held steady against the US Dollar as investors wait to hear comments from the president of the European Central Bank. Mario Draghi is set to lay out his latest plans to aid the beleaguered Eurozone economy and to update investors on the bank’s progress so far.

The ECB is widely expected to hold its main lending rate at the record low 0.5%, where it was left last month after a quarter-point cut by policy makers. Weighing on the currency is the news that Finland fell into recession during the first quarter of the year.

Australian Dollar

The ‘Aussie’ has fallen to its lowest level 2011 against the US Dollar due to the nation’s shrinking interest rate advantage dampening the currency’s appeal. Weakening the ‘Aussie’ further was yesterday’s weaker-than-expected economic growth figures. Annual growth slowed to 2.5% in the first quarter of the year, the weakest growth rate in two years.

New Zealand Dollar

The ‘Kiwi’ fell to a nine-month low as investors concerned about global growth opted to seek safety in the US Dollar and other safe havens. The signs of a slowdown in the US economy have led to weakening in demand for perceived riskier commodity based currencies.

Canadian Dollar

The ‘Loonie’ was unchanged against its US relation after it shrugged off mixed data for the US economy. Investors have turned their attention to Friday’s important US jobs data as they look for some clarity over whether the Federal Reserve will opt to alter its monetary easing programme.

South African Rand

The Rand is weaker against the US Dollar as investors wait for a keynote speech due to be made by South African Reserve Bank governor Gill Marcus. Political uncertainty and ongoing labour unrest is set to make the Rand volatile throughout the day.

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