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Small decline for the pound ahead of today's data releases

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Pound Sterling

The Pound has weakened to its lowest-level in a month against the Euro before the Bank of England publishes minutes of its April policy meeting that will reveal whether there were any changes to votes on additional monetary stimulus.

Today sees the release of data including the latest employment data. The number of new jobs created is expected to show a reduction from the previous measured period. If any of the data comes in worse-than-expected the Pound is likely to fall further against its peers.

US Dollar

The ‘Greenback’ has weakened against commodity based currencies such as the South African Rand and New Zealand Dollar after investors seek out higher-yielding assets, and as gold and U.S stocks make gains. Against the Euro, the Dollar tumbled to a seven-week low after two Federal Reserve Bank presidents said that the US economy still requires further monetary stimulus. The currency was also weighed down by data that showed that inflation dipped unexpectedly in March.

The Euro

The Euro has gained against most of its peers, briefly rising to a seven-week high against the US Dollar. The strengthening comes after investors look for higher yielding assets. The only data due for release for the Eurozone today is for the latest construction output. The data is not expected to have much of an impact on the currency but if it comes in worse-than expected we could see the single currency weaken slightly.

Australian Dollar

The ‘Aussie’ has held yesterday’s gains as rallies in commodities and stocks boosted demand for higher-yielding assets. The currency also gained as fears over China began to fade.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation upwards before taking a slight knock due to weak inflation data meeting the market’s expectations and as the New Zealand Reserve Bank reaffirmed that low interest rates will remain in place.

Canadian Dollar

The ‘Loonie’ made gains against the US Dollar after gold prices rose and after Statistics Canada said that manufacturing sales increased by 2.6% to just under $50 billion in February, its largest increase since July 2011. The currency was also supported by a rise in the price of copper, one of Canada’s biggest exports.

South African Rand

The Rand is holding steady as investors await the release of inflation data. Statistics South Africa is due to release both retail sales data and inflation data. Retail sales numbers, a key indicator of economic growth, are expected to show slower growth of 1.7% in February, compared with 1.9% in January.

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