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UK set to enter its 3rd Recession

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Sending Money Home News Daily Currency update

Pound Sterling

The Pound has weakened for a fifth-day against the US Dollar and fallen against its peers after the latest manufacturing data showed a decline of 1.5%, a figure far worse than economists had been predicting. The UK is now set to enter its third recession in four years. The currency is also being weighed down by a drop in house prices which declined to minus 6 in February from minus 4 in January.

US Dollar

The ‘Greenback’ rose toward a seven-month high ahead of tomorrow’s release of the USA’s latest retail sales data. The data is expected to show a further improvement for the US economy and will add to speculation that the Federal Reserve will begin to scale back its monetary stimulus programme.

The Euro

The Euro has weakened slightly against the majority of its peers due to the latest German economic data showing signs of stagnation in the Eurozone’s biggest economy. The Euro remains under pressure from the continuing political uncertainty in Italy and the ongoing economic contraction of the majority of Eurozone countries. A positive reading from today’s US data will likely put further pressure onto the single currency.

Australian Dollar

The ‘Aussie’ has strengthened against the majority of its peers and reached a four-year high against the Japanese Yen as investors pared bets on interest rate cuts by the Reserve Bank of Australia. Economists are expecting the currency to continue to strengthen over the coming months as the nation’s economy begins to adjust to the currency’s strength. So far this month the currency has strengthened by 2.6%, making it the second biggest gainer after the US Dollar.

New Zealand Dollar

The ‘Kiwi’ rose to a four-year high against the Japanese Yen as expectations grow that Japan will implement further monetary easing measures when a new governor is appointed to the Bank of Japan. The currency remains under pressure however due to the ongoing drought effecting New Zealand’s north island.

Canadian Dollar

The ‘Loonie’ strengthened moderately yesterday after it was buoyed by continuing optimism caused by last Friday’s better-than-expected jobs data in both Canada and the United States. Today is expected to be a slow day for the currency as no data releases are due.

South African Rand

The Rand remains under pressure against the Dollar as concerns over South Africa’s deficit continue to worry investors. Ongoing labour tensions in the country are also driving risk aversion towards the currency.