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USD falls close to a 4 year low on the Pound

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Foreign Exchange currency update at send money home

US Dollar

The US Dollar index fell to its lowest level in more than five months and fell close to its worst level in four-years against the Pound. The cause for the ‘Greenback’s’ decline was the continuing negative effects of last week’s nonfarm payrolls report and the improvement in sentiment towards emerging market economies.

Pound Sterling

The Pound soared to a near 4-year high against the US Dollar and climbed to a one-month high against the Euro after finding support from better-than-expected industrial and manufacturing data. The positive data raised speculation that the Bank of England could raise interest rates earlier than expected. The currency also found support from a report issued by the International Monetary Fund which said that the UK economy will be the best performer out of the G7.

The Euro

The Euro slumped to a one-month low against the Pound but firmed to a one-week high against the US Dollar as weak US jobs data continued to weigh upon the ‘Greenback’ and positive data out of the UK sent Sterling higher. The Euro found some support earlier in today’s session after data showed that Germany’s balance of trade surplus rose more than expected.

Australian Dollar

The ‘Aussie’ advanced further against the US Dollar after domestic data showed that home-loan approvals increased at a faster pace than expected. Consumer confidence in Australia also increased adding further support to the currency. The release of Australian employment data for March tomorrow will set the tone for the Australian Dollar heading into the end of the week.

New Zealand Dollar

The New Zealand Dollar leapt to a new 32-month high against the US Dollar and made further gains against the Pound and Euro. The currency strengthened as investors look ahead to the release of the US Federal Reserve’s policy meeting minutes for March and as sentiment towards riskier assets continued to improve.

Canadian Dollar

The Canadian Dollar soared to a seven-week high against its US relation as it benefitted from increased demand for riskier assets. Today’s Federal Reserve minutes release will likely have an impact on the ‘Loonie’.

South African Rand

The Rand reached a fresh yearly high against the US Dollar as the ‘Greenback’ took a kicking. The Rand broke through resistance at the 10.50 level as investor sentiment favoured risky, high yielding assets while traders were biding time ahead of FOMC minutes on Wednesday and domestic production data on Thursday.

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