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The 'Aussie' plummets on the back of bad employment data

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Australian Dollar

The ‘Aussie’ plummeted against all of its most traded peers due to release of worse-than-expected employment data. Employment fell by 22,600 well below economist forecasts for a rise of 15,000. The Australian Dollar was the worst performing Group-of-10 currency last year and is on track to take the title again in 2014. Australia's economy slowed in the last year due to a fading mining investment boom and more mediocre growth is expected in the year ahead coupled with a rise in unemployment.

Pound Sterling

The Pound fell for a second consecutive day against the US Dollar and fell against the rest of its major peers bar the Australian Dollar after a report showed that UK house prices fell in December. The Royal Institution of Chartered Surveyors house-price gauge fell to 56 from the previous month’s figure of 58 and was below economist expectations for a figure of 59. The disappointing data renews concerns that the UK economy may not be as strong as expected.

US Dollar

The US Dollar strengthened against the Pound and climbed for a third day against the Japanese Yen as speculation grows that the US economy is strong enough to withstand further reductions to the Federal Reserve’s monetary easing programme. The ‘Greenback’ could push higher in the afternoon if today’s jobless claims and inflation data come in positively.

The Euro

The Euro firmed against the Pound following the release of the disappointing UK house price data. The single currency received some support from data released in Germany which showed that the Eurozone’s largest economy saw its rate of inflation pick up in December, reducing speculation that the European Central Bank would have to implement measures to stave off deflation in the region.

New Zealand Dollar

The New Zealand Dollar soared to an eight-year high against its Australian relation due to the release of disappointing Australian jobs figures which highlighted the divergence occurring between the two Oceanic economies.

Canadian Dollar

The Canadian Dollar continued its rapid decline against the majority of its peers as the Canadian economy continues to diverge from its US relation. Investors are growing increasingly downbeat on the economy and increased their expectations for the Bank of Canada to cut interest rates rather than raise them at its next policy meeting due on 22 January.

South African Rand

The Rand stumbled to a fresh five-year low against the Dollar on Thursday, falling alongside other emerging market currencies as investors increased their bets that the US Central Bank will press on with cutting back stimulus.