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Pound Sterling

For a third consecutive day Sterling was able to strengthen against its US counterpart. After Rightmove Plc released a report showing that London house prices rose again in November (after recording similar increases in September and October) the Pound was able to climb 0.2 per cent against the ‘Greenback’. However, the British currency’s movement against the Euro was tempered as investors await the publication of minutes for the Bank of England’s latest policy meeting on Wednesday.

US Dollar

Heightened expectation that the Bank of Japan will introduce further monetary easing later this week combined with Eurozone recession fears to increase risk aversion in the marketplace. Consequently, the safe-haven US Dollar posted gains against the majority of its most traded peers. ‘Greenback’ advances were tempered however as confidence in US economic recovery was supported by President Barack Obama’s positive attitude towards avoiding the fiscal cliff. Of interest today are US Existing Home Sales figures for October but ‘Cable’ volatility could also be triggered by this morning’s Eurozone data releases, which include Italian Industrial Orders. If the figures should come in lower than expected the US Dollar could continue to advance against its riskier competitors.

The Euro

After a week of ups and downs the Euro was locked in a bearish relationship with its peers by the close of trade on Friday as persistent Greek and Spanish economic worries deterred investors. Although there are several pieces of Eurozone data scheduled for publication today fluctuations in the common currency this week are most likely to be caused by the Eurogroup meeting tomorrow, Thursday’s Spanish bond auction and German Flash Manufacturing PMI and Friday’s German Ifo Business Climate figure. If resolution isn’t reached regarding the Greek bailout or if the German statistics should come in lower-than-expected the Euro could be pushed lower.

Australian Dollar

US President Barack Obama’s declaration that the US can avoid next year’s fiscal cliff buoyed stocks and supported higher-yielding currencies like the Australian Dollar, which advanced 0.3 per cent against the ‘Cable’ following the announcement. The likelihood of the Bank of Japan’s imminent meeting resulting in fiscal stimulus also improved the prospects for the ‘Aussie’ and it leapt to its strongest level against the Japanese Yen for over 24-weeks. Significant movement in the South Pacific currency is expected tomorrow in response to the Reserve Bank of Australia’s board minutes for November.

New Zealand Dollar

With the Reserve Bank of Australia’s minutes and Governor Glenn Stevens speech just a day away the New Zealand Dollar posted a notable decline against its neighbouring currency. However, an improved economic outlook for the US and the potential for Bank of Japan easing allowed the ‘Kiwi’ to gain against several of its other most traded peers. The New Zealand Dollar also benefited from faster-than-forecast monthly growth in the nation’s service sector. With little economic news for New Zealand on the cards for this week fluctuations in the currency will probably result from developments in Asia and the US.

Canadian Dollar

Last week the ‘Loonie’ briefly brushed a 14-week low against the US Dollar but the currency experienced a modest rebound after the ‘constructive’ US fiscal cliff meeting involving President Barack Obama and Republican leaders. The resource dependent Canadian Dollar was able to benefit from US policymakers pledge to dodge the potentially destructive fiscal cliff by finding alternative ways of combating America’s financial crisis. However, the ‘Loonie’ posted mixed results elsewhere, gaining on the Euro but falling against the Australian and New Zealand Dollars. Of particular interest this week is Canada’s Consumer Price Index for October, due for release on Friday.

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