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US Dollar set to strengthen this week

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Pound Sterling

The Pound was knocked lower on Friday after the release of weaker-than-expected retail sales data for January. The currency fell sharply after the Office of National Statistics said that sales fell by 0.6% instead of the expected increase of 0.4%.

The disappointing data saw Sterling fall to a six-and-a-half month low against the US Dollar as investors preferred the safety of the US currency.

US Dollar

The ‘Greenback’ continues its upward trend against the Pound and the majority of its peers after strengthening for a fifth-consecutive week. The political instability in the Eurozone and the continuing depreciation of the Japanese Yen is expected to move the Dollar higher over the course of the week. There is a national holiday in the US today so the currency’s movement will depend on factors from the Eurozone and elsewhere.

The Euro

The Euro has weakened close to a three-week low against the US Dollar due to the single currency remaining under pressure after last weeks economic data releases showed that the region’s recession deepened further in the fourth quarter of 2012.

Australian Dollar

The ‘Aussie’ has weakened to a two-year low against its New Zealand relation due to the markets awaiting the release of the latest Reserve Bank of Australia minutes and as expectations increase that the bank will lower borrowing costs. A slowdown in Chinese growth also weighed upon the currency.

New Zealand Dollar

The ‘Kiwi’ is set to rise higher this week as the currency prepares to test its recent highs as a series of positive economic data releases attracts investors looking for growth. Expectations of a rise in the nation’s interest rates have increased.

Canadian Dollar

The ‘Loonie’ fell against its US counterpart due to a decline in commodities and concerns that growth is stalling in the nation’s economy. The currency weakened as manufacturing sales fell to their lowest level since 2009.

South African Rand

The Rand is holding steady against the US Dollar but has weakened since last week. Today’s trading session is expected to be quiet for the currency thanks to the US markets being shut for a national holiday.

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