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single currency continues to strengthen

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Pound Sterling

The Pound has slipped again against the Euro, this time to a fresh three-month low as the single currency continues to strengthen on the back of market optimism. Some traders are predicting that the Pound could lose a lot of ground over the next three months, potentially ending the year in the region of 1.190.

After last week’s focus on international data all eyes will now once again focus on the UK economic performance. Poor economic data will see the Pound slump further. Against the Dollar, Sterling is up by 0.22%.

Currently the Pound is trading in the region of 1.235 against the Euro and 1.622 against the US Dollar.

US Dollar

The US Dollar remains lower against a basket of currencies following last week’s announcement from the Federal Reserve that it would be implementing a new round of monetary easing in its bid to get the nation’s struggling economy back on track. The Fed’s proposal for an open ended policy could severely damage the Dollar. The currency has slumped further against the Pound and fallen even further against the Euro.

Currently the US Dollar is trading in the region of 0.616 against the Pound and 0.761 against the Euro.

The Euro

The Euro remains high against most of its major peers, but traders are warning that squabbling amongst the Euro zone’s leaders could seriously undermine the single currency’s revival. Last week’s meeting of senior finance ministers in Cyprus ended in deadlock with ministers unable to agree on the timetable for a more unified banking sector. Worries still remain over Spain with rumours circulating that the country could soon request a full-scale sovereign bailout.

Currently the Euro is trading in the region of 0.809 against the British Pound and 1.312 against the US Dollar.

Australian Dollar

Concern over whether Europe’s leaders can agree on the next course of action for the single currency has seen the ‘Aussie’ decline from its six-month high, as demand for higher-yielding assets waned. The ‘Aussie’ slid downwards against the majority of its 16 most traded peers.

Against the Japanese Yen the Dollar slumped as worries over the current tensions between Japan and China over a disputed set of islands weighed heavily on the currency.

Currently the Australian Dollar is trading in the region of 0.649 against the Pound, 0.802 against the Euro and 1.052 against the US Dollar.

New Zealand Dollar

Profit taking has caused the ‘Kiwi’ to slip against a number of its peers. The latest survey of consumer confidence in the country has shown a rise. It went up to 102.5 from 99.9 in June. Traders are awaiting the release of New Zealand’s latest GDP figures due later this week to see how the currency will fare.

Currently the New Zealand Dollar is trading in the region of 0.510 against the Pound, 0.630 against the Euro and 0.828 against the US Dollar.

Canadian Dollar

The ‘Loonie’ has hit a 12-month high against its American relative as the currency surged by more than two cents due to the European Central Banks announced bond buying plan. The Federal Reserve’s announcement that it will introduce a new round of QE also boosted the Canadian currency. The price of Canada’s biggest export, crude oil has soared to a four-month high giving the country a big boost.

Currently the Canadian Dollar is trading in the region of 0.635 against the Pound, 0.785 against the Euro and 1.030 against the US Dollar.

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