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Traders betting UK would post disappointing figures

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Daily Currency update

Pound Sterling
The Pound slumped against the Dollar ahead of the release of data showing the amount of retail sales in across the UK. Traders and investors had been betting that the UK would post disappointing figures, instead the report confounded all expectations by showing that retail sales had in fact risen. Sales volumes rose 0.3pc month-on-month to give an annual increase of 2.8pc. That compares to economists' forecasts for a monthly fall of 0.1pc. The data is good news for the UK economy and adds to the sense of optimism that was generated by yesterday’s unemployment figures. The Pound is set to strengthen on the back of this news as expectations that the Bank of England will implement further monetary easing measures will ease.

Currently the Pound is trading in the region of 1.566 against the US Dollar and 1.275 against the Euro.

US Dollar
The US Dollar has soared to a one-month high against the Japanese Yen after the US posted upbeat economic data. Data released yesterday showed that industrial output rose in July and home-builder sentiment reached its highest level in five years. There were also surprisingly strong retail sales. This combination of good news has seen expectations that the Federal Reserve will implement further monetary easing have waned. Analysts warned, however, that the Dollar's rise versus the Yen could lose steam if coming U.S. indicators disappoint. It wasn’t all good news for the US economy as manufacturing in the New York state area showed a contraction in August for the first time since October 2011. The ‘Greenback’ is also up against the Pound and Euro.

Currently the US Dollar is trading in the region of 0.814 against the Euro and 0.638 against the Pound.

The Euro
The Euro has fallen to a two-week low against the Pound following the release of better-than -expected retail sales data out of the UK. The single currency has also begun to soften against most of its peers as doubts set in over the proposed European Central Bank plans to ease the regions debt crisis. The currency is not set to fluctuate too much until September as the markets wait to see the scale of the plans.

Currently the Euro is trading in the region of 1.228 against the US Dollar and 0.784 against the British Pound.
Australian Dollar

The ‘Aussie’ is trading higher as many traders take bets that the US Federal Reserve will not take further action to stimulate the world’s biggest economy anytime soon. The currency could see some substantial movement after the Reserve Bank of Australia releases its latest inflation data. The previous figure was 3.3% and expectations are for something similar. A sharp drop however could see the Dollar make a move in the downward direction

Currently the Australian Dollar is trading in the region of 0.853 against the Euro, 0.669 against the British Pound and 1.048 against the US Dollar.

New Zealand Dollar

The ‘Kiwi’ was little changed in overnight trading following the release of the US economic data. Relatively weak US manufacturing data and zero inflation in the US economy caused Asian traders to raise their bets that the Federal Reserve will implement a further round of Quantitative easing a view that is not shared by all traders.

Currently the New Zealand Dollar is trading in the region of 0.656 against the Euro, 0.514 against the British Pound and 0.806 against the US Dollar.

Canadian Dollar
The ‘Loonie’ has risen to its highest level since May against the US Dollar. The commodity based currency has now been trading above parity against its US relation for a ninth straight day. The positive economic data out of the States has raised speculation that North American growth will be able to sustain Canada’s exports. The currency has gained versus the majority of its 16 most- traded peers this month after jobs and retail sales in the U.S., Canada’s biggest trade partner, rose more than forecast in July. The Euro has slid, reaching a record low today against Canada’s Dollar, amid concern European leaders are struggling to resolve their debt crisis.

Currently the Canadian Dollar is trading in the region of 1.011 against the US Dollar, 0.823 against the Euro and 0.645 against the British Pound.

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