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Triple-dip Reccession

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Pound Sterling

The Pound has weakened against its major peers after the latest GDP figures released by the Office for National Statistics showed that the UK economy has contracted by 0.3% in the October to December quarter of 2012. The currency is expected to take further losses over the course of the day as the markets digest the disappointing news. The prospect of triple-dip recession is now very real.

US Dollar

The ‘Greenback’ has made significant gains against the Pound due to the release of disappointing UK BBA mortgage approval figures and the expectation that the UK’s GDP has contracted and raising the prospect that the nation is sliding into an unprecedented triple-dip recession. Against the Yen the Dollar saw bullish movement as investors took more risks on the back of the improving picture for the global economic recovery.

The Euro

The Euro has risen to an eleven-month high against the US Dollar as the markets await to see whether the European Central Bank’s will give a hint of how much of its three-year loans banks plan to repay early. Yesterday’s better-than-expected German manufacturing data boosted the currency but analysts warned that record-high unemployment in Spain and Greece could temper the Euro’s strength.

Australian Dollar

The ‘Aussie’ has risen for a second day against the Japanese Yen due to speculation that pressure will increase on the Bank of Japan to expand its stimulus after consumer prices fell. The currency continued to weaken against the US Dollar despite the positive news emerging out of China.

New Zealand Dollar

The ‘Kiwi’ is trading down against the US Dollar due to a lack of support to push the currency higher. The currency’s strength was also weakened by a food scare. Fears are growing that the nation’s milk exports may be affected as dicyandiamide was found in some milk products.

Canadian Dollar

The ‘Loonie’ fell to a ten-week low against its US relation as the Bank of Canada reduced its forecast for growth and put less emphasis on raising interest rates. The currency pair is trading below parity for a second day in a row.

South African Rand

The Rand has edged just above the psychologically important level of R9 but remains range-bound due to a lack of fresh data that could impact the currency. The currency remained unchanged against the Euro.

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