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Sterling is continuing to outperform the struggling Euro

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Pound Sterling

Sterling is continuing to outperform the struggling Euro but fell against the safe-haven US Dollar. After hitting a near 13-month high against the American currency the Pound has been steadily retreating as investors respond to Eurozone concerns by turning from riskier assets. However, against the common currency the Pound is performing well. Some analysts are predicting that if a Spanish bailout remains in doubt the Euro could drop as low as 77.50 Pence. Sterling is also expected to receive a boost towards the close of the week as the EU pays substantial farm subsidies.

Currently the Pound is trading in the region of 1.2569 against the Euro and 1.6169 against the US Dollar.

US Dollar

Yesterday investor confidence in the Eurozone’s economic recovery continued to falter, leading to the US Dollar advancing against most of its less assured peers. Conversely, the American currency maintained a bearish relationship with the Yen. Given the present global economic instability the Yen continues to be perceived as a safe-haven but recent US data releases could see the ‘Greenback’ recouping some of its recent losses against the Japanese currency. The latest reports have shown that US home prices climbed more than forecast in July, indicating that housing could boost the nation’s economic growth. If the US Pending Home Sales figure also meets or exceeds expectations the US Dollar could continue to gain on its rivals.

Currently the US Dollar is trading in the region of 0.6184 against the Pound and 0.7768 against the Euro.

The Euro

Following days of political uncertainty and a lack of significant European progression the Euro fell to its lowest level for almost two weeks. The latest data releases will only serve to further undermine investor confidence in the 17-nation currency bloc. In September French consumer confidence slipped by two points from the previous month, with worsening unemployment and a gaping budget gap cited as the main causes. Meanwhile, Italian retail sales for July fell by a seasonally adjusted 0.2 per cent. It was also revealed that in the first seven months of 2012 the nation’s retail sales were down 1.7 per cent on the previous year. This data, when viewed in conjunction with disappointing figures released earlier on in the week, is confirming fears that the present weakness in the European economy is likely to last for some time.

Currently the Euro is trading in the region of 0.7955 against the British Pound and 1.2859 against the US Dollar.

Australian Dollar

Mounting concern regarding disputes between Eurozone leaders caused the Australian Dollar to hit a two week low against the US Dollar and fall to $1.0342. Against the safe-haven Yen the ‘Aussie’ also weakened more than it has for nearly three weeks. Many investors have responded to the ongoing issues in Spain, including the possibility of the country’s richest region seeking self-determination, by disposing of high risk equities and selling off the Australian Dollar. In the past month the ‘Aussie’ has weakened by 2 per cent and if the European situation remains tempestuous the currency could weaken further.

Currently the Australian Dollar is trading in the region of 0.6402 against the Pound, 0.8040 against the Euro and 1.0348 against the US Dollar.

New Zealand Dollar

The New Zealand Dollar responded to the discouraging European news in the same manner as its Australian counterpart, slightly falling against the majority of its peers. The situation was not helped by the release of reports which showed that New Zealand’s economy recorded its widest annual trade deficit for three years and that exports unexpectedly fell in August. However, as the fall in exports was partly offset by dairy products fronting an increase in exports to China the ‘Kiwi’ closed trading largely unchanged.

Currently the New Zealand Dollar is trading in the region of 0.5070 against the Pound, 0.6367 against the Euro and 0.8201 against the US Dollar.

Canadian Dollar

Following the release of better-than-expected US and Canadian economic indicators the ‘Loonie’ experienced an upward surge. In Canada retail sales for July gained 0.7 per cent on the previous month, beating predictions by 0.5 per cent and suggesting that Canadian consumers are regaining their confidence. Despite this positive news the Canadian Dollar was unable to stand up against its US counterpart for long and fell against the ‘Greenback’ following an announcement made by the President of the Philadelphia Federal Reserve. After Charles Plosser asserted that the Fed’s latest round of asset purchases were unlikely to stimulate the economy as planned the US Dollar broadly firmed and made up for recent losses against the Canadian Dollar.

Currently the Canadian Dollar is trading in the region of 0.6298 against the Pound, 0.7912 against the Euro and 1.0189 against the US Dollar.