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Sterling strengthens to a two week high

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Pound Sterling

The Pound strengthened to a two-week high against the Euro after a report released by Rightmove showed that UK house prices increased yet again this month. Against the US Dollar, Sterling is holding steady as economists await the release of the UK’s latest unemployment data due for release on Wednesday. Economists are expecting the unemployment rate to fall closer to the Bank of England’s target of 7%.

US Dollar

The US Dollar climbed to its highest-level since November against the Euro as speculation remains high that the Federal Reserve will continue to reduce its monetary easing programme. A series of positive data reports out of the world’s largest economy has seen the Dollar find support at the expense of its peers.

The Euro

The Euro is at a multi-month low against the US Dollar and a two-week low against the Pound. The single currency was little moved following the release of data out of Germany which showed that producer price inflation in the Eurozone’s largest economy declined more than forecast on a yearly basis.

Australian Dollar

The ‘Aussie’ strengthened against the Pound and edged away from a three-and-a-half year low against the US Dollar after data out of China showed that the Asian nations yearly growth rate was better than economists had forecast. The currency was unable to push higher however as quarterly growth in Australia’s biggest trading partner was at its weakest-level since the 1990’s.

New Zealand Dollar

The New Zealand Dollar slipped lower against its U.S. counterpart on Monday, as expectations for the Federal Reserve to continue tapering its stimulus program supported demand for the ‘Greenback’. GBP/NZD also rose to come close to reaching the 2.000 mark.

Canadian Dollar

The Canadian Dollar looks likely to fall even further this week as economists raised their bets that the Bank of Canada will not surprise the markets at Wednesday’s interest rate announcement and will choose to maintain rates at 1%.

South African Rand

The Rand remains struggling at a five-year low against the US Dollar and Pound as concerns over labour unrest and a weakening South African economy weigh upon demand for the currency. Speculation over the US Federal Reserve’s quantitative easing programme is also weighing heavily.

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