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Spanish & Italian bond sales will prove vital for the Eurozone

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Pound Sterling

The Pound snapped five days of declines against the US Dollar as the UK prepares to sell government bonds that are set to mature in 2052. Against the Euro, Sterling was little changed.

Yesterday the UK currency fell to a two and a half year low against the US Dollar after UK manufacturing output fell by 1.5%. The currency is expected to remain under pressure as fears that the UK is heading for a triple dip recession have intensified.

US Dollar

The 'Greenback' weakened away from its three-and-a-half year high against the Japanese Yen due to profit-taking and stop-losses. The Dollar weakened slightly against the Pound and is holding steady against the Euro. The currency could make further gains today if the latest advance retail sales data comes in better-than-expected. A strong figure will reinforce confidence in the world’s largest economy.

The Euro

The Euro weakened slightly against the Dollar yesterday after Bundesbank President Jens Weidmann warned that the Euro crisis is not over. Weidmann also warned that the German economy is still shaken by the impacts of the Euro zone crisis and that the regions continuing problems pose the biggest threat to the region’s biggest economy. The single currency could move in either direction as the market awaits the outcome of government bond sales in Italy and Spain.

Australian Dollar

The ‘Aussie’ has strengthened against a number of its major counterparts sue to the release of positive consumer sentiment data. The Westpac / Melbourne Institute Index of consumer sentiment showed that consumer confidence rose by 2% to a two-year high.

New Zealand Dollar

The ‘Kiwi’ weakened against most of its major peers due to speculation that New Zealand’s worsening drought will weigh on the economy and support the case for the country’s Central Bank to maintain interest rates at a record low. Against the Australian Dollar the ‘Kiwi’ slumped to a six-week low. Tomorrow sees the Central Bank gather for its monthly policy meeting, economists are expecting it to maintain the current interest rate of 2.5%.

Canadian Dollar

The ‘Loonie’ strengthened yesterday due to a rise in commodity prices and the lack of any important economic data for Canada. Copper rose in value by four cents whilst oil increased by 48 cents. If oil prices continue to rise then the ‘Loonie’ is likely to make further gains against its peers.

South African Rand

The Rand slumped to a four-year low against the US Dollar and remains vulnerable to further declines as investors continue to be worried over the state of South Africa’s budget and current account deficits. The currency was also weighed down after sales growth slowed to 4.3% in 2012 compared to 5.9% recorded in 2011.

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