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Sterling falls against euro in advance of data releases this week

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Pound Sterling

The Pound has climbed against the Dollar as demand for riskier currencies improved. Against the Euro it was down due to concerns that weak UK inflation data could spur the Bank of England to ease its monetary stimulus programme. A number of data releases are due this week with the latest jobs and retail sales figures, as well as the Bank of England minutes for October’s policy meeting. Poor figures in those could see the BoE opt for more quantitative easing and result in a weakening Pound.

US Dollar

The Dollar is close to reaching an eight-week high against the Japanese Yen but has posted losses against the Pound and Euro. Yesterday, the US economy posted a surge in retail sales and is set to publish data showing an improvement in industrial output and house sales. The increasing number of data releases showing that the USA is on the right track to recovery caused an improvement for risk appetite.

The Euro

The Euro has advanced to its strongest level for more than a week against the US Dollar due to investors predicting that the latest data for German investor sentiment will improve for a second month. Europe’s common currency has gained 0.5 percent in the past week, the second-best performance after the Swiss Franc, cutting its decline this year to 2.1%.

Australian Dollar

The ‘Aussie’ is holding steady against the ‘Greenback’ due to the Reserve Bank of Australia (RBA) taking a more optimistic approach to the country’s economy than expected. Minutes of the RBA’s October 2nd policy meeting warned that economic growth is likely to be weaker over the next year as mining investment slows, but it still expects mining to contribute solidly to overall activity. Comments by RBA Governor Glenn Stevens in Tokyo on Friday had stoked expectations of a negative outlook from the RBA.

New Zealand Dollar

The ‘Kiwi’ has fallen against all of its major peers after data showed inflation slowed to its slowest pace in 12 years, boosting speculation that the country’s reserve bank will make interest rate cuts. Consumer prices rose by only 0.8% in the third quarter compared to the previous year, the lowest level since the fourth quarter of 1999.

Canadian Dollar

The ‘Loonie’ is little changed against the US Dollar after the Governor of the Bank of Canada said that he would adjust the country’s economic forecasts to reflect a slowing global recovery. The comments have caused speculation that he won’t raise interest rates in the short term. The currency had made some gains due to a 2.5% increase in home sales and improved economic data out of the United States.

South African Rand

The Rand has advanced for the first time in three days after the USA posted better-than-expected retail sales data which in turn fuelled investor demand for riskier assets. Improving export data out of China also aided the Rand.