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UK house prices finally on the decline

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Send money home daily currency update

Pound Sterling

The Pound has hit a two-and-a-half month high against the Dollar due to a report showing that house prices in England and Wales declined in December. Against the Euro the Pound halted its four-day decline. According to the report compiled by Rightmove Plc house prices fell by 3.3%.Pound traders should be aware of tomorrow’s data releases which is expected to show that consumer prices rose by 2.7% last month compared to the previous year.

US Dollar

The ‘Greenback’ took big losses at the end of last week following the release of worse-than-expected Core CPI data. The disappointing data led to traders and investors speculating that the Federal Reserve will keep US interest rates at their current levels for the foreseeable future.

Dollar traders should be aware of the ongoing negotiations over the ‘fiscal cliff’, Wednesday’s Building permits figures and Thursday’s Philly Fed Manufacturing Index and Friday’s Core Durable Goods Orders.

The Euro

The Euro made significant gains at the end of last week due to speculation that US interest rates would remain at their current rates. The speculation led to

traders taking risks resulting in the single currency hitting its highest level since last May against the US Dollar.

This week Euro traders should pay attention to the number of EU news events. Today’s speech from ECB President Mario Draghi could give the currency an additional boost if there are signs in the improvement in Euro-zone economic growth. The latest data due out of Germany will also have an impact on the currency.

Australian Dollar

The ‘Aussie’ rose to its strongest level in 19-months against the Japanese Yen after the Asian nation’s main opposition party reclaimed power in Sunday’s elections. The new government has pledged to introduce tougher fiscal and monetary stimulus measures. Tomorrow will see the Reserve Bank of Australia release its minutes for its December 4th meeting when it cut the nation’s interest rate to 3%.

New Zealand Dollar

The ‘Kiwi’ reached a four-year high against the Japanese Yen due to speculation that the Bank of Japan will begin a new round of monetary easing as early as this week. The currency could also top 85 US cents this week if third-quarter GDP shows that the New Zealand economy didn’t stall.

Canadian Dollar

The ‘Loonie’ weakened against the US Dollar last Friday as hopes faded that a deal will be brokered regarding the US ‘fiscal cliff’. Time is running out for the US Congress to make a deal, leading to fears that Canada’s biggest trade partner could be forced back into recession next year and hurt the Canadian currency.

South African Rand

The Rand has weakened against the US Dollar and other currencies due to investors growing increasingly concerned over the upcoming ANC elections and

the stalled negotiations over the US ‘fiscal cliff’. The Rand could see some support from any upbeat economic data emerging out of China. Since China is a critical trade partner for many developing countries, and generally seen as a global growth engine, many emerging market currencies react strongly to economic indicators there.

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