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Pound Sterling

The Pound has hit a two-week high against the US Dollar due to increasing confidence that the UK economy is on track for a solid recovery. Better-than-expected housing data helped trigger stop-loss order purchases. As a result the Pound rose by 0.2% rising to its strongest level since the 18th of October and has pushed through the $1.615 region. The Pound is set to rise further as the markets await the release of October’s purchasing managers survey on manufacturing activity.

US Dollar

The ‘Greenback’ was able to make a bullish recovery against the Euro as the US markets reopened for the first time this week following the aftermath of Hurricane Sandy. The Dollar’s gains against the Euro come after the markets were spooked over the ongoing uncertainty in the Eurozone causing them to seek shelter in the safe haven Dollar.

Traders in the US currency will want to pay attention to a batch of potentially significant US news. The ADP Non-Farm Employment Change, largely considered a valid predictor of Friday's all-important Non-Farm Payrolls figure, will be released this afternoon. The CB Consumer Confidence figures and ISM Manufacturing PMI will also be announced. Should any of the indicators come in above their forecasted levels, investor confidence in the US economic recovery could increase, which may help the dollar against the safe-haven yen.

The Euro

The Euro was trading upwards against the US Dollar before retreating by the end of Wednesday’s trading session. Investor confidence in the single currency continues to be sketchy with reports that the Greek government may have a hard time forcing through its latest budget cuts and Spain’s continual hesitation over asking for a bailout. Against the Pound the Euro has broken through to the 0.80 mark.

Turning to today, bank holidays throughout much of the euro-zone means that euro movements will likely come as a result of US data. Depending on the results we could see the Euro move in either direction.

Australian Dollar

The ‘Aussie’ is little changed as traders grow hesitant ahead of US payrolls data on Friday and with a central bank policy meeting due to be held later today. The currency has been trading relatively highly against the majority of its peers due to solid manufacturing data emerging out of China. Australia’s main trading partner posted a PMI increase to 50.2 in October, up from 49.8 in September. Next week will see the Reserve Bank of Australia's policy making board meet on Tuesday.

New Zealand Dollar

The ‘Kiwi’ is little changed today after following the same pattern as its Australian counterpart. Trading has been relatively thin this week after New York City was buffeted by Cyclone Sandy, which forced the closure of the stock exchange. New Zealand's currency has been stuck in a 2.5 US cents trading range since the 12th of September, as investors prepare for a series of event risks, including the US Presidential election next week.

Canadian Dollar

The ‘Loonie’ slumped to a three-month low against its US relation after Canada’s GDP took an unexpected dip for the first time in six months. The news caused investors to take a risk adverse approach to the currency and spurred bets that the Canadian Central Bank won’t raise interest rates in the near future. The nation is facing the prospect of some grim data this month with a report due on 2nd of November is forecast to show that hiring slowed in October. The ‘Loonie’ lost 1.6 percent this month against the greenback, paring a gain for the year to 2.1 percent.

South African Rand

The Rand has firmed slightly, recovering some of the losses it suffered yesterday due to data showing a widening of the country’s trade deficit. The currency is set to remain unstable as wildcat mining strikes continue to paralyse parts of the platinum and gold sectors.

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