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UK house price increased

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Pound Sterling

The Pound has strengthened for a fourth-day against the US Dollar, its longest winning streak since November 2012, due to a report showing that UK house prices increased in April. Sterling rose to its highest level in more than two-months against the Dollar after average house price values in England and Wales posted their largest gains in three years. The Pound is expected to be supported further when a survey of UK businesses shows that confidence in the nation’s economy has increased.

US Dollar

The ‘Greenback’ has fallen to its lowest level in a week as economists predict that the latest US data will show that consumer spending has stagnated, increasing expectations that the Federal Reserve will renew its bond-buying programme. The currency is also lower against the Euro due to last week’s disappointing GDP data continuing to weigh upon it.

The Euro

The Euro strengthened against the US Dollar after Enrico Letta was sworn in as Italian Prime Minister. Letta has forged an alliance with Silvio Berlusconi to end the nation’s ongoing political stalemate; with the end to the deadlock in sight riskier assets were favoured.

Today, sees a host of Eurozone data releases which includes the Eurozone’s Business Climate Index, Consumer Confidence and German Price Index.

Australian Dollar

The ‘Aussie’ has started the week trading slightly lower against most of its peers due to quiet trading conditions in Asia. The Japanese and Chinese markets are both closed for public holidays. Any movement of the currency will be a result of data releases out of Europe and the US.

New Zealand Dollar

The ‘Kiwi’ has made slight gains at the start of what is expected to be a risk heavy week. Central bank meetings and US employment figures are threatening to disappoint investors and send them seeking shelter in safe-haven currencies.

Tomorrow sees the release of New Zealand’s latest business confidence data which will give an indication as to how well the country’s economy is doing.

Canadian Dollar

The ‘Loonie’ has strengthened to its highest level in four-months against its US relation as crude oil, the nation’s biggest export rallied to its highest value since June 2012.

South African Rand

The Rand has gained against the US Dollar as resource-heavy currencies were supported by higher commodity prices. Economists expect the Rand to make further gains over the course of the week as they expect the European Central Bank to cut interest rates, which could send investors to higher yielding emerging markets like South Africa. Risks to the Rand's rally will come on Tuesday from local trade data. A record shortfall in the January trade balance triggered a 1.5% fall against the Dollar in February.