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US Dollar on course to make its biggest weekly advance in two-weeks

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US Dollar

The US Dollar is on course to make its biggest weekly advance in two-weeks against most of its major peers as market sentiment improved and as the Federal Reserve’s comments on Wednesday continued to bolster the US currency. The ‘Greenback’ also found support after data on Thursday showed that US initial jobless claims rose less-than-expected last week, while a separate report showed that manufacturing activity in the Philadelphia-region expanded at a faster rate than expected in March.

Pound Sterling

The Pound has weakened against the US Dollar after the US currency rallied following the Federal Reserve’s Chairman Janet Yellen hinted that the Central Bank will raise interest rates sooner-than-expected. The currency breached the 1.20 level against the Euro yesterday after it found support from positive data, today however Sterling is back down to 1.19.

The Euro

The Euro remains close to a two-week low against the US Dollar but recovered ground against the Pound. The single currency came under pressure late yesterday after European Central Bank board member Sabine Lautenschlaeger said that interest rates in the Eurozone will remain low and hinted that they could go even lower for an extended period of time.

Australian Dollar

The ‘Aussie’ recovered some ground and is expected to make a solid end to the week. The currency rallied as global risk sentiment improves and as the domestic economy shows signs of strengthening.

New Zealand Dollar

The New Zealand Dollar recovered ground against the Pound after risk sentiment improved. Following yesterday’s positive US data results the ‘Kiwi’ was little changed against a number of peers.

Canadian Dollar

The Canadian Dollar remains under 90 cents against the US Dollar ahead of today’s string of data releases. The currency could recover some ground if retail sales and inflation data come in positively.

South African Rand

The Rand remains close to three-week lows against the US Dollar and other peers as Wednesday’s Federal Reserve comments continued to weigh upon emerging market currencies.

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