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Pound Sterling

The Pound is little changed against the US Dollar and Euro ahead of the release of the latest mortgage approval data. The amount of loans for home-buyers is expected to show a slight decrease for February. The currency has been supported by an increase in employment in the country’s financial services sector and expectations that the economy will avoid sliding into a triple-dip recession.

US Dollar

The ‘Greenback’ has weakened against the majority of its peers, falling to a monthly low against the Japanese Yen as economists await the release of data which is expected to show that new job creation in the US is not happening fast enough to prompt the Federal Reserve to reduce its monetary stimulus programme. The Dollar is also being weighed down by yesterday’s disappointing manufacturing data. The sector’s PMI declined to 53.1 in March, its lowest level since December.

The Euro

The Euro is hovering close to a five-week low against the Japanese Yen, but is holding steady against its other major peers as economists await the release of the latest Eurozone unemployment data. The jobless rate across the region is expected to increase to yet another record high. Meanwhile manufacturing PMI data for the region showed a slight improvement in France and Germany but declines in Italy and Ireland.

Australian Dollar

The ‘Aussie’ has strengthened against the US Dollar due to the Reserve Bank of Australia choosing to maintain interest rates at a record low of 3%. The Bank did however leave open the possibility of rate cuts if the economy failed to respond to monetary stimulus.

New Zealand Dollar

The ‘Kiwi’ has strengthened against the majority of its peers as the Reserve Bank of Australia made the decision to maintain interest rates at 3%. The currency continues to strengthen due to it being supported by an improving economic outlook.

Canadian Dollar

The ‘Loonie’ is trading close to a five-week high against the US Dollar as traders reduce their bets that the currency will decline ahead of the release of a new round of jobs data which is expected to show a second consecutive month of job gains.

South African Rand

The Rand is close to a two-week high against the US Dollar as sentiment continues to be positive after last week’s economic data showed a sharp narrowing of South Africa’s trade deficit. So far this year the currency has already declined by 9% due to the economy being harmed by miner’s strikes and a reduction of exports.

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