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The Pound rises as UK unemployment falls

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Pound Sterling

The Pound was trading at its highest level for more than a week against the Dollar after receiving a boost from better-than-expected jobs data. According to the Office for National Statistics (ONS) the number of people out of work fell by 50,000 to 2.53 million in the three months to August. The total number of people in work rose to 30 million causing the overall unemployment rate to fall to 7.9%, down from 8.1% in the previous three-month period.

US Dollar

The US Dollar has fallen against most of its major peers, hitting a one-month low against the Euro. The fall comes after demand for riskier assets continues to be high. At yesterday’s close the Dollar was also down against the Pound. Today's Unemployment Claims release is expected to have a strong impact on the U.S currency. Any result could be a surprise, and the Dollar could go either way as a result.

The Euro

The Euro strengthened to a one-month high against the US Dollar yesterday after Spain kept its investment-grade credit rating from Moody’s. However, today the currency has slumped slightly against both the ‘Greenback’ and Pound as investors grow nervous over the outcome of the two day EU heads of state summit in Brussels. Cracks are beginning to appear already as the French and Germans clash over the pace of integration and other countries raise their concerns over the cost of putting crisis fighting plans into action.

Australian Dollar

The ‘Aussie’ has reached its highest level in two weeks after Chinese data showed signs that the world’s second largest economy is showing signs of stabilization. The news has caused the markets to be more optimistic over Australian exports and caused the ‘Aussie’ to rise against the Japanese Yen. Further gains are expected to be limited, after a private report showed that the nation’s business confidence is at its lowest level for a year.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation upwards on the back of the better-than-expected Chinese data. All eyes are now focused on the two day EU summit taking place in Brussels. Investors are thought to have reigned in their expectations that the Greek situation or Spain’s bailout application will be resolved before the end of the summit. Due to signs that New Zealand’s economy is strengthening it is expected that the ‘Kiwi’ will firm moderately against the US Dollar.

Canadian Dollar

The ‘Loonie’ strengthened for the first time in four days against the ‘Greenback’ as declines in risk aversion caused demand for riskier commodity based currencies to increase. Following yesterday’s slump the currency was given a much needed boost from a report showing that new house buys increased in the USA.

South African Rand

The Rand has firmed against the Dollar due to improved investor optimism towards riskier currencies. With some of the striking miners returning to work confidence has risen that an end to the strikes are in sight. Tens of thousands of gold and platinum strikers remain on strike but the threat of being fired has caused some to abandon their protest. The company Gold Field’s is likely to fire up to 23,000 wildcat strikers later today.