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The Pound set to rise on the back of today's PMI data

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Pound Sterling

The Pound has made gains against the US Dollar and edged upwards against the Euro as economists await the release of the latest UK manufacturing PMI data. The PMI is expected to rise to 50.3 from the 49.8 recorded in April. A figure above 50 signals expansion. This week will see the release of a number of PMI releases so a continuing improvement in each is sure to strengthen the Pound against its peers.

US Dollar

The ‘Greenback’ has gained ground against the Japanese Yen despite the International Monetary Fund saying that the Japanese currency has depreciated too much and too fast. Against the Euro and Pound the Dollar has weakened due to Chinese data creating greater demand for riskier assets. The next major data release for the US Dollar is Friday’s latest jobs data.

The Euro

The Euro strengthened against the safe haven US Dollar after the single currency also found support after European Central Bank President Mario Draghi said that the Euro zone economy is on track to make a recovery later in the year, the comments calmed investor nerves, which benefitted the Euro.

Australian Dollar

The ‘Aussie’ weakened against its peers after the latest HSBC Manufacturing Purchasing Managers Index for May fell to 49.2, down from the expected reading of 49.6. Australia is particularly vulnerable to negative news as the Asian nation is Australia’s biggest trading partner. The rest of the week sees the release of a large number of data releases for the ‘Aussie’ but tomorrow will see the Reserve Bank of Australia announce its latest interest rate decision. Economists are widely expecting the rate to remain unchanged.

New Zealand Dollar

The ‘Kiwi’ weakened against the Euro and its Australian relation as the Chinese data lessened demand for the currency. The latest Chinese PMI data showed that manufacturing activity in the world’s second largest economy fell for the first time since last October.

Canadian Dollar

The ‘Loonie’ remains weak against its US relative after falling to its lowest level in a year against the US Dollar. The decline comes amidst increased speculation that economic growth in Canada will lag behind the USA.

South African Rand

The Rand has steadied against the US Dollar and looks likely to make gains as it rebounds from last week’s four-year lows. The currencies recovery has been kick-started by economists claiming that the Rand has been oversold and that it has been sold too far and too fast.

The Rand's recovery will largely depend on whether there is further negative news on mining and plans for the US Federal Reserve's quantitative easing programme, which has seen increased inflows into emerging markets such as South Africa.

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