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Sterling struggling as Euro claws back loses

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Pound Sterling

The Pound is set to make its third weekly decline against the US Dollar and is due to make its biggest drop against the Euro in three months as economists await the release of the latest mortgage approvals data. So far this year the Pound has declined by 3.1%, the second-worst performing currency after the Japanese Yen.

US Dollar

The ‘Greenback’ declined for the first time in three-days as confusion over Federal Reserve Chairman Ben Bernanke’s testimony to Congress hit the markets. The Dollar took a tumble against a number of peers before rising again. Risk appetite shrank as investors and traders seemed confused on how to react to the news that the Fed could taper its quantitative easing programme if the US economy picks up.

The Euro

The Euro has edged upwards against a basket of its most traded peers as data showed that the Eurozone’s largest economy, Germany grew in the last quarter. According to Statistsches Bundesamt Deutschland the nation’s Gross Domestic Product inched upwards by 0.1%. The data has given investors optimism that Germany will post stronger growth in the second quarter of 2013.

Australian Dollar

The ‘Aussie’ fell ahead of the release of U.S. data which is expected to show that orders for durable goods rose in April, adding to signs of a sustained recovery in the world’s largest economy and diminishing the need for monetary stimulus. Today’s decline marks the currency’s third consecutive decline against the Dollar.

New Zealand Dollar

The ‘Kiwi’ has weakened against the US Dollar and a number of its peers after a government report showed that the nation’s trade surplus for April was less than economist had forecast. The disappointing manufacturing data released by China is also weighing on the currency.

Canadian Dollar

The ‘Loonie’ edged upwards against its US relation, making gains from a one-year low due to speculation that the US Federal Reserve may not taper its monetary stimulus programme as soon as investors expected. The currency was also supported by a rise in commodity prices and data that showed that the number of Canadians claiming jobless benefits fell by 1% in March.

South African Rand

The Rand has stabilised against the US Dollar after it snapped a ten day long losing streak. It managed to recover some of its losses after the South African Central Bank opted to keep interest rates on hold. The currency remains highly vulnerable however as the threat of labour unrest remains high.

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