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Sterling halts decline

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Pound Sterling

The Pound has halted its three-day decline against the Euro due to economists predicting that UK mortgage approvals increased for a sixth-month in December. The report is due to be released tomorrow. So far this year the Pound has weakened by 3.4%, making it the second worst performing currency after the Japanese Yen.

US Dollar

The ‘Greenback’ has weakened against the majority of its counterparts due to increasing speculation that the US Federal Reserve will signal a change to its asset-buying policy.

Against the Euro, the Dollar fell to an eleven-month low due to a report forecasting that confidence amongst US consumers has declined this month.

The Euro

The Euro is trading close to an eleven-month high against the US Dollar due to continued optimism emerging from the Eurozone. A strengthened EU banking sector combined with positive US data attracted investors to riskier assets.

The next few days will see the release of some important Eurozone data, which could cause volatility on the market. German retail sales data, an Italian debt auction and manufacturing data out of Spain and Italy, all have the potential to give the Euro a further boost if they show signs of growth.

Australian Dollar

The ‘Aussie’ has strengthened against the majority of its peers due to data showing that business confidence increased by its highest level in a decade in December. The National Australian Bank’s confidence index rose from minus nine to three.

New Zealand Dollar

The ‘Kiwi’ halted its decline against the US Dollar after the nation’s trade deficit narrowed unexpectedly. Imports exceeded exports by NZ$1.21 billion in 2012, compared with last year’s shortfall of NZ$1.87 billion.

Canadian Dollar

The ‘Loonie’ halted its decline against the US Dollar after falling close to a six-month low. The currency could regain some ground later in the week as economists predict that the economy grew by 0.2% in November, its biggest increase in four-months.

South African Rand

The Rand has firmed against the US Dollar due to the mining company Anglo Platinum postponing its plans to cut jobs. The company has come under pressure from the South African government, and has agreed to postpone its restructuring plan that would lead to 14,000 job cuts.

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