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Sterling slips ahead of next week's GDP data

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Pound Sterling

The Pound is set for a second weekly drop against the US Dollar after one of the Bank of England’s policy makers said that the Central Bank should increase stimulus and take further measures to bolster the UK economy. Against the Euro, Sterling is little changed as investors await the release of next week’s GDP data. Economists are predicting that the UK economy contracted by 0.3% in the final quarter of 2012.

US Dollar

The ‘Greenback’ has slowed its rate of strengthening, and weakened against the Pound and Euro. The safe-haven currency fell slightly against the Pound due to the release of better-than-expected economic data out of the UK. The Dollar was also dragged downwards after manufacturing in the Philadelphia region contracted, taking many economists by surprise.

The Euro

The Euro weakened below $1.32 for the first time in six-weeks due to an industry report showing that manufacturing and services across the Eurozone contracted at a faster pace than economists had been predicting. The Eurozone’s PMI fell to 47.3; economist had been predicting a reading of 49.

Australian Dollar

The ‘Aussie’ has rallied strongly after the nation’s Central Bank indicated that it might be done cutting interest rates for the foreseeable future. The Bank’s governor Glenn Stevens told the Australian parliament that the current interest rates were at the appropriate level and that they would remain at the current level.

New Zealand Dollar

The ‘Kiwi’ declined against the ‘Greenback’ and the Japanese Yen as equities markets and commodities fell and figures showed the US economy is still growing only weakly.

Canadian Dollar

The ‘Loonie’ is trading at a seven-month low against the US Dollar due to weak commodity prices and a softening in the country’s economic growth. Lower prices for Canada’s biggest export, crude oil and several other commodities are weighing on the currency whilst recent economic data has pointed to slow economic activity.

South African Rand

The Rand is steady against the US Dollar but is lacking direction and is likely to end the week within the range of the last two weeks. The currency remains below the important R9 level due to continuing nervousness over the stability of South Africa’s labour market.

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