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The Canadian Dollar continues to find support

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Canadian Dollar

The Canadian Dollar was little moved against its US relation as it continues to find support from last week’s stronger-than-expected inflation and retail sales data. With no domestic data releases due this week the ‘Loonie’ will be mostly impacted by data released from the US and commodity price fluctuations.

Pound Sterling

The Pound is on course to fall to its lowest level is six-weeks against the US Dollar as investors await the release of the latest UK inflation data. The data is expected to show that inflation slowed to its lowest rate in more than four years in February. Against the Euro, Sterling is trading at its lowest level so far this year.

US Dollar

The US Dollar was at its highest level in close to six-weeks against the Pound but was little moved against the Euro and other peers despite yesterday’s weaker-than-expected US manufacturing PMI data. The report suggested that the US economy is continuing to struggle after the winter’s extreme weather.

The Euro

The Euro pushed to its highest level of the year so far against the Pound and held steady against other peers as economists await the release of the latest confidence reports out of Germany. The currency found some support yesterday from better than expected PMI data out of France which showed that the Eurozone’s second largest economy is seeing a recovery in its manufacturing sector.

Australian Dollar

The ‘Aussie’ remains higher against its rivals and pushed above 91 cents against the US Dollar despite the release of weak Chinese economic data. The ‘Aussie’s’ rise came as economists raised bets that the weak report will spur the Chinese authorities into introducing monetary stimulus measures to bolster the Chinese economy. Economists are warning that the currency’s rise could prompt the RBA to talk it down in order to weaken it again.

New Zealand Dollar

The New Zealand Dollar edged higher as investors maintained a wary eye on events in Ukraine. With a lack of domestic data the ‘Kiwi’ will take direction from events occurring elsewhere such as today’s US and UK data releases.

South African Rand

The Rand was little moved against the US Dollar after yesterday’s disappointing manufacturing PMI softened the American currency. With all of the week’s major South African news not scheduled for publication until Thursday, Rand movement will largely result from global economic developments.

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