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Sterling uplifted despite credit downgrade

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Pound Sterling

After Sterling’s initial slide subsequent to Moody’s downgrade of the UK’s prized AAA status, markets recovered their nerve in afternoon trading. In fact the Pound later soared against the Euro, rising above the 1.16 mark as well as stabilising against the Dollar after the Italian election ended in a stalemate. The inconclusive result has raised fears that Italy will have to go to the polls again in the near future.

US Dollar

The ‘Greenback’ has strengthened against the Euro due to the outcome of the Italian elections. The US currency jumped to a seven-week high as investors sought shelter in the safe-haven currency. The stalemate in the election result has renewed fears over the Euro causing risk appetite to wane.

The Euro

The Euro fell to a seven-week low against the US Dollar and slumped against the Japanese Yen due to the possibility of political gridlock in Italy. The outcome of the vote saw the centre-left take control of the lower house, and no party is expected to be able to form a coalition to take control of the senate. Both houses must be won before a government can be formed.

The currency fell by 2.6% on Monday, its biggest daily loss since May 6th 2010, when investors were shocked by violent street protests in Greece sparked by austerity measures.

Australian Dollar

The ‘Aussie’ has strengthened against the majority of its peers due to metal prices supporting demand for the resource rich nation’s currency. The price of gold was the main mover, gaining in value by as much as 0.3% to $1,598 an ounce.

The currency was also boosted over speculation that Central Banks in other major economies will continue to loosen their monetary policy.

New Zealand Dollar

The ‘Kiwi’ weakened against the majority of its peers due to the threat of a hung parliament in Italy. Investor confidence has been knocked as they grow concerned that Europe may be heading for another round of the Euro crisis.

Canadian Dollar

The ‘Loonie’ weakened for a sixth session in a row on Monday due to rising fears over the state of the Canadian economy and the unwanted outcome from the Italian election. The ‘Loonie’ is expected to decline further as economists expect uncertainty to remain high until the Italian situation is resolved. The latest Canadian GDP data is due to be released on Friday.

South African Rand

The Rand has strengthened slightly ahead of the release of South Africa’s latest GDP data. Economists are expecting that the African nation’s economy has grown by up to 1.6% on a quarter-to-quarter basis. The currency remains volatile however and could see a decline if the European situation worsens.

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