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USD continues to rise against against nearly all peers

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Sending money overseas update

Pound Sterling

The Pound has fallen for a second day against the US Dollar, declining to its lowest-level in more than two weeks ahead of the sale of UK government bonds.

Against the Euro, Sterling weakened for the first time in three days. The only data release due for the UK today is that for the latest Mortgage approvals. A rise in the figure will support signs that the UK recovery is heading in the right direction.

US Dollar

The ‘Greenback’ strengthened to a two-week high against the Japanese Yen and continues to strengthen against the majority of its peers as investors continue to speculate that the Federal Reserve will temper its monetary easing programme.

The U.S. currency was strengthened ahead of tomorrow’s data releases that are expected to show that orders for durable goods grew and house prices continued to recover. Every piece of data that hints at an improvement for the US economy will increase the speculation around the easing of the Fed’s monetary policy.

The Euro

The Euro has weakened against the US Dollar as investors favour the safe haven ‘Greenback’ after talks over how to set up unified banking rules collapsed. The EU’s finance ministers failed to agree on assigning losses at failing banks. Concerns over the Greek coalition on Friday have also knocked confidence in the region. On Friday the smallest party in the coalition government, the Democratic Left party defected over the ongoing row over the closure of stat broadcaster ERT.

Australian Dollar

The ‘Aussie’ continues to decline against the US Dollar as investors favour the US currency following Federal Reserve Chairman Ben Bernanke’s speech last week. The announcement that the US Central Bank will begin to ease its monetary easing programme combined with weaker-than-expected manufacturing data out of China.

New Zealand Dollar

The ‘Kiwi’ is weaker against the US Dollar as investors continue to favour the US currency. An improving picture for the US economy has lessened demand for the more risk sensitive currencies such as the ‘Kiwi’.

Canadian Dollar

The ‘Loonie’ remains close to its lowest level since September 2011 after Canada’s biggest export, crude oil erased its earlier gains. A slowdown in the nation’s consumer price index and retail sales data also weighed upon the currency.

South African Rand

The Rand fell against the US Dollar as investors continued their withdrawal out of emerging markets on expectations that the US Federal Reserve will cut back on its monetary easing programme. The Rand is now trading beyond the key R10 figure.

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