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US Dollar remains strong

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Daily Currency update

Pound Sterling

There was good news for the UK economy today following the release of the latest unemployment figures. The Office for National Statistics report shows that the number of people claiming job seeking benefits fell by 5,900 a figure that has taken observers by surprise as they had been expecting a rise of 6,000. Today also saw the release of the Bank of England’s minutes for its monthly meeting. The Bank’s board voted 0-0 to leave UK interest rates unchanged at 0.5% and was in full agreement about leaving the Quantitative easing programme at £375billion. As a result the Pound rose against the Euro and Dollar.

Currently the Pound is trading in the region of 1.272 against the Euro and 1.570 against the US Dollar.

US Dollar

The ‘Greenback’ has sustained its gains against the majority of its peers following the release of the nation’s retail sales figures. The data was better than predicted with sales rising by 0.8% in July the first increase in four months. Its strength is likely to continue with reports due out on Wednesday forecast to show industrial production increased and regional manufacturing expanded in the world's largest economy. U.S. output at factories, mines and utilities rose 0.5 percent last month after gaining 0.4 percent in June.

Currently the US Dollar is trading in the region of 0.811 against the Euro and 0.638 against the British Pound.

The Euro

The Euro remained up against a basket of currencies after the Eurozone economy narrowly missed entering recession in the first half of the year but with austerity measures stifling growth prospects and the continuing debt crisis it is inevitable that the region will enter recession in the next quarter. GDP across the Eurozone shrank by 0.2% in the second quarter after risk adverse consumers and businesses curbed their spending. Only a handful of the 17 Euro using nations posted growth whereas the rest either stagnated or contracted. Analysts are predicting that it is only a matter of time before the Euro resumes its downward spiral and with no clear sign that the zones leaders are taking definitive action any time soon things are likely to get worse.

Currently the Euro is trading in the region of 1.232 against the Euro and 0.786 against the Pound.

Australian Dollar

The ‘Aussie’ touched a one-week low against the US Dollar after the countries 10-year government bonds yield declined yesterday. Demand for the currency waned on the back of the better-than-expected data out of the United States and the results from a private survey showed that consumer confidence fell. Australia’s Dollar touched $1.0465, the lowest level since the third of August, before trading at $1.0475 later in the Asian session.

Currently the Australian Dollar is trading in the region of 0.849 against the Euro, 1.047 against the US Dollar and 0.668 against the British Pound.

New Zealand Dollar

The ‘Kiwi’ has slipped to a three-week low against the US Dollar due to speculation that the stronger-than-expected data from the US will weaken the probability of further monetary easing by the Federal Reserve. The New Zealand Dollar may extend its level of decline to a more than two-month low after descending from the top of its year-long contracting range. The next piece of key data for the ‘Kiwi’ the BNZ New Zealand Performance Manufacturing Index will be released tomorrow

Currently the New Zealand Dollar is trading in the region of 0.653 against the Euro, 0.805 against the US Dollar and 0.513 against the British Pound.

Canadian Dollar

The ‘Loonie’ rose to an almost three-month high after the country’s main export crude oil soared in demand and value. The good news from the US that retail sales rose, boosting demand for exports and increasing optimism in North America. The Canadian Dollar has rallied for five consecutive weeks on speculation that the global economic situation will improve, boosting demand for natural resources such as the nation’s biggest exports of oil and timber.

Currently the Canadian Dollar is trading in the region of 0.817 against the Euro, 1.008 against the US Dollar and 0.643 against the British Pound