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Sterling strengthens

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Pound Sterling

Sterling strengthened against its main currency rivals yesterday after future Bank of England Governor Mark Carney defied expectations by asserting that the central bank’s current methods might be enough to push the UK economy forward. The prospect of Carney intimating an intention of introducing additional easing had weighed heavily on the Pound so this development was a key cause of the British currency’s gains. The Pound is now poised for its first weekly advance in a month against the US Dollar and is heading for its most significant weekly gain against the Euro for two years.

US Dollar

After European Central Bank President Mario Draghi warned that the current strength of the Euro posed a risk to the economic recovery of the Eurozone risk-appetite waned and investors shifted their focus to safe-haven assets. Consequently, the ‘Greenback’ was able to advance on several of its riskier counterparts. The most significant piece of US news scheduled for release today is the nation’s trade balance figure. As industry experts are forecasting an improvement a disappointing result could cause the US Dollar to shed recent gains.

The Euro

The Euro lost ground against the majority of its peers yesterday after Mario Draghi’s comments regarding the derogatory affects of a strong Euro on inflation and growth. The common currency hovered close to a two-week low against the US Dollar, also posting notable declines against its Japanese and British counterparts. Today an absence of significant economic data for the Eurozone means that movements in the region’s currency are likely to be the result of global economic developments.

Australian Dollar

The ‘Aussie’ hurtled towards a fourth weekly decline against its American counterpart as Asian stocks fell, but was able to rebound following data which showed the best Chinese export growth for 11 months. Although economists expected Chinese imports to increase by 23.5 per cent in January they were actually up 28.8 per cent on the same period of the previous year. The boost this gave Australian trade prospects allowed the nation’s currency to erase earlier losses.

New Zealand Dollar

After data revealed a stronger-than-forecast improvement in Chinese import and export figures the ‘Kiwi’ climbed on several of its most traded peers. As China is one of New Zealand’s main trading partners this result boosted trade prospects for the South Pacific nation, lifting its currency higher in the process. Investors will now be looking ahead to Monday and New Zealand’s retail card spending figures.

Canadian Dollar

Yesterday’s European developments caused risk appetite to decline and pushed the Canadian Dollar from a two-month high against the safe-haven ‘Greenback’. The commodity-driven Canadian currency was also negatively affected by falling oil prices and the expectation that today’s employment data for the nation will disappoint. If this afternoon’s figures do reveal an easing in job creation we could see more ‘Loonie’ loses before the close of trade.

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