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US dollar capitalizing on BOJ's easing measures

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Pound Sterling

The Pound remains weakened against the US Dollar despite economists forecasting that the UK’s budget deficit shrank in December. The UK’s budget shortfall is expected to have narrowed to £15.2 billion last month compared to the £17.5 billion in November.

Against the Euro, Sterling weakened for a fifth-day slumping to its lowest level since February 29th 2012. Optimism that the Eurozone is emerging from the worst of the debt crisis has bolstered demand for the single currency.

US Dollar

The ‘Greenback’ saw relatively little movement yesterday due to a lack of significant US economic data and international news. Against the Japanese Yen the Dollar came close to hitting a two-and-a-half year high as the Bank of Japan’s easing policy continues to take effect.

Today, Dollar traders should be aware of the newest Existing home sales figures. Analysts are expecting the figure to show an increase from last month. If today's news comes in at or above the expected level, confidence in the US economic recovery could give the ‘Greenback’ a boost against its higher yielding currency rivals, including the Euro, Swiss Franc and Australian Dollar.

The Euro

The Euro remains trading upwards against the Pound and is set to make gains against most of its currency rivals due to European Finance ministers authorising the disbursement of the next round of emergency aid for Greece. The move shows signs of confidence in the Greek government and has increased optimism in the Euro-zone, increasing demand for higher yielding currencies.

Australian Dollar

The ‘Aussie’ strengthened against the US Dollar after the Bank of Japan revealed that it would expand its monetary stimulus further, boosting the prospects for global growth. Demand for the Australian currency could be dampened tomorrow however, due to the Australian Bureau of Statistics releasing the nation’s latest inflation data. Economists are predicting that if the figure is high then interest rates could be cut in response.

New Zealand Dollar

The ‘Kiwi’ followed its Australian Dollar in trading upwards against the US Dollar. The rise came after the Bank of Japan announced a doubling of its inflation target to 2% and as it implemented a new round of quantitative easing.

Canadian Dollar

The ‘Loonie’ fell to its lowest level in three-weeks against the US Dollar due to traders trimming their bets that the Bank of Japan’s monetary easing policy would not achieve its desired weakening effect. As a result the currency has weakened against the majority of its most traded peers.

South African Rand

The Rand strengthened for a second day due to the Bank of Japan’s monetary easing policy announcement. Emerging-market stocks and commodity prices rose after the Bank of Japan set a 2% inflation target and said that it will shift to a US Federal Reserve-style open-ended asset purchasing programme in its strongest commitment yet to ending two decades of deflation.

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