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Pound Sterling

The Pound is trading at a one-month low against the Euro due to tracking the single currency’s gains against the US Dollar. Against the Dollar the Pound has remained trading above a one-month high, edging upwards and above the important 1.60 mark.

Sterling traders should be aware of UK Chancellor George Osborne’s autumn statement which is due later today. It is expected that he will paint a picture of a gloomier-than-expected economic forecast and will announce further austerity measures. As a result the Pound will surely weaken against the Euro and Dollar.

US Dollar

Deepening concerns over the negotiations on the ‘fiscal cliff’ caused the ‘Greenback’ to weaken against virtually all of its main currency rivals. The Australian Dollar and Japanese Yen were the biggest winners of the weakening currency.

Today Dollar traders should be aware of any further developments in the ‘fiscal cliff’ talks and a number of important economic data releases. Attention should also be given to the ISM Non-Manufacturing PMI for clues as to the current state of the US economy.

The Euro

The Euro has made major gains due to the release of a better than expected Spanish unemployment change figure which boosted faith in the Euro-zones economic recovery. Against the US Dollar the single currency leapt to a six-week high and hit a one-month high against the Pound.

Today, the main piece of Euro-zone news is likely to be the Spanish 10-year bond auction. If the bond auction shows that Spanish borrowing costs have gone up, the Euro may reverse some of yesterday's gains during mid-day trading.

Australian Dollar

The ‘Aussie’ has strengthened against most of its currency rivals despite the release of a number of disappointing economic data reports. Annual economic growth slowed to 3.1% due to a slowdown in the mining sector but GDP increased by 0.5% falling from 0.6% in the previous quarter.

The currency’s strength comes as traders remain optimistic over the health of the Australian economy due to its biggest trade partner China, showing signs of a robust recovery.

New Zealand Dollar

The ‘Kiwi’ is holding steady ahead of today’s Reserve Bank meeting that will decide any changes to the nation’s interest rate and Bank governor Graeme Wheelers monetary policy speech. Wheeler is expected to keep the rate at its current 2.5% level in his first full monetary policy review, while noting the deteriorating economic data in recent months. An overly negative speech will likely see the ‘Kiwi’ make a decline.

Canadian Dollar

The ‘Loonie’ has strengthened against its US relation after the Bank of Canada kept interest rates on hold at 1%. Bank of Canada Governor Mark Carney, who recently said he will take the reins at the Bank of England next July, has been signalling a need to raise the main policy rate since April, making Canada the only industrialized economy to lean toward a rate increase. The currency is trading just above parity.

South African Rand

The Rand has firmed due to a technical correction to the US Dollar and the return of investor risk appetite from renewed efforts to resolve the Euro crisis. Any gains are expected to be limited however, as uncertainty still remains over the leadership of the ANC leadership election due to be held next month.

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