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USD expected to strengthen after today's data releases

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Daily Currency Update

Pound Sterling

Yesterday the Pound weakened against peers including the US Dollar and Euro after a CBI report revealed an unexpected drop in UK retail sales, but the British currency was able to rebound this morning following the release of Nationwide House Price figures. The building society’s report showed that UK home prices jumped by the most for 18 months. Although additional Pound movement may occur as the day progresses as a result of influential news from the US and Eurozone, investors will also be looking ahead to Friday and the publication of UK Consumer Confidence, Mortgage Approval and Net Consumer Credit figures.

US Dollar

The US Dollar began to ease away from its recent bullish trend yesterday, as the currency was sold off by investors in the aftermath of Tuesday’s better-than-forecast US House Price and Consumer Confidence data. The ‘Greenback’ notably dipped against its Japanese counterpart as the Yen strengthened to 100.88 as a result of comments issued by the Governor of the Bank of Japan and a foreign bond sale. Today a stream of US economic data, including first quarter GDP, Initial Jobless Claims and Pending Home Sales, could initiate US Dollar movement. Further signs of economic improvement will add weight to the argument that the Federal Reserve will begin to taper QE, and the Dollar could climb.

The Euro

Yesterday news that joblessness in Germany grew by over four times the predicted amount in May, combined with the OECD’s pessimistic economic outlook for the currency bloc, led economists to speculate on the likelihood of the European Central Bank instigating additional easing, and the Euro was able to post modest gains against the US Dollar as a result. Meanwhile, a separate report showed a larger-than-forecast rebound in German inflation. Of particular interest today are Eurozone Consumer/Economic/Services and Industrial Confidence figures. Industry experts are predicting that there will be improvement in all areas.

Australian Dollar

The Australian Dollar was able to recoup some of its recent losses during local trade as a report revealed a more significant than expected increase in Australian building approvals. Australian Private Sector Credit data, scheduled for release tomorrow at 02:30 GMT could inspire additional ‘Aussie’ movement before the weekend.

New Zealand Dollar

Although RBNZ Governor Graeme Wheeler once again spoke out about the overvalued New Zealand Dollar, asserting that the central bank was prepared to take steps to combat the issue, the ‘Kiwi’ posted a modest gain against its US counterpart as data showed a significant increase in home-building approvals. The South Pacific currency may experience further fluctuations if the next pieces of economic data for New Zealand, which include Business Confidence and Activity Outlook, deliver surprising results.

Canadian Dollar

After falling close to a year-low against its American counterpart earlier this week, the ‘Loonie’ was able to strengthen modestly during local trade as investors awaited the outcome of Mark Carney’s last policy meeting as Governor of the Bank of Canada. As expected, Canadian policy makers held the benchmark rate at 1 per cent and hinted at the possibility of rates being raised at some unspecified point in the future. The ‘Loonie’ was little changed against the ‘Greenback’ following the announcement, but today’s US news could spark fluctuations.

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