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UK house prices finally on the rise

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Pound Sterling

The Pound strengthened against the Euro due to the release of the latest UK house prices data. Prices registered their first annual rise since October 2010, rising by 1.3% in January compared with the previous year.

Against the US Dollar, Sterling remained close to a five-month low due to concerns over the Eurozone limiting demand for perceived riskier assets.

US Dollar

The ‘Greenback’ has strengthened against the Euro and Sterling due to investors choosing safe haven currencies on the back of renewed concerns over the political and economical situation in the Eurozone.

Today, Dollar traders will want to pay attention to any economic news emerging from the Eurozone. More negative news will increase the amount of risk aversion in the markets and lead to a strengthening of the Dollar. Positive news could lead to the ‘Greenback’ weakening against its higher-yielding rivals.

The Euro

The Euro has weakened against the US Dollar due to a report showing that Spanish unemployment increased further last month rising to a new record high, and continuing uncertainty over a number of European political issues.

Today, Euro traders should be aware of the latest German Factory Orders figures which are expected to come in significantly higher than last month’s. If that turns out to be the case then the Euro could once more resume its upward trend.

Australian Dollar

The ‘Aussie’ continues to weaken against all of its major peers due to data showing that the nation’s retail sales dropped unexpectedly for a third-month, adding to the prospect that the Reserve Bank of Australia will cut interest rates next month. Retail sales fell by 0.2% in December marking their longest stretch of declines in 13 years.

New Zealand Dollar

The ‘Kiwi’ hit a 17-month high against its Australian relation due to expectations that the latest unemployment data will show a decrease in the number of people out of work. The jobless rate is expected to fall to 7.1% from the current 7.3%.

Canadian Dollar

The ‘Loonie’ is close to hitting its highest rate against the US Dollar in a week due to the price of crude oil, the nation’s biggest export, rising. Other commodities also advanced boosting the currency.

South African Rand

The Rand is holding steady against the US Dollar and looks set to test the R8.80 resistance level if there is no negative news from the Eurozone. Better-than-expected data results out of the single currency region could lead to an increase in demand for riskier assets which will strengthen the Rand.