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UK's economy shows growth in first quarter

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Daily currency report

Pound Sterling

The Pound is approaching its highest-level in two-months and is expected to make its biggest weekly gain against the US Dollar since June 2012 after yesterday’s news that the UK avoided slipping into a triple-dip recession. The country’s GDP increased by 0.3% in the first quarter beating economist predictions for a rise of 0.1%. From the previous year the economy has grown by 0.6% its biggest increase since the fourth quarter of 2011.

US Dollar

The ‘Greenback’ has fallen against the Japanese Yen after the Bank of Japan chose to keep its monetary policy unchanged and as Japanese exporters sold Dollars for Yen. The USA’s latest GDP data is due for release later today with economists expecting the nation’s economy to have grown by 3%.

The Euro

The Euro weakened against most of its major counterparts due to speculation that the European Central Bank will cut interest rates next week as the Eurozone economy continues to decline. Continuingly weak data out of the Eurozone countries has done little to calm investor concerns.

Australian Dollar

The ‘Aussie’ has risen for a third day against the US Dollar due to speculation that the stimulus programmes being carried out by the world’s major Central Banks will send money into the Oceanic nations higher yielding assets.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation by rising for a third day against the ‘Greenback’ but it also made a third straight gain against the ‘Aussie’. The reason for the gain was that New Zealand’s exports to China have surpassed those of Australia for the first time and the total value of shipments increased to $4.4billion in March.

Canadian Dollar

The ‘Loonie’ made its biggest gain in four-months against the US Dollar after crude oil, Canada’s biggest export, rallied on better-than-expected economic data out of the UK and US. Futures of crude oil rose by 2% to $93.28 per barrel, reaching their highest level since the 12th of April.

South African Rand

The Rand steadied against the Dollar in early trading, with traders expecting higher commodity prices to support the currency.

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