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USD tumbles against the pound

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Foreign exchange update

Pound Sterling

The Pound is set to make its biggest weekly gain in almost 3 years against the US Dollar as economists wait for the release of data that is expected to show that US employers added jobs at a slower pace than expected last month.

Sterling hit its highest level against the ‘Greenback’ since August 2010 yesterday after the Bank of England announced that it would keep its asset-purchasing programme on hold. The Pound has gained 5.2% in the past three months, the best performer among 10 developed-market currencies.

US Dollar

The ‘Greenback’ has weakened against the majority of its most traded peers due to an increase in demand for riskier assets. Against the Japanese Yen the US Dollar suffered its biggest one-day decline in three years as the markets await the release of the latest US jobs report. A better than expected figure will increase speculation that the Federal Reserve may choose to cut back its quantitative easing programme.

The Euro

The Euro is holding steady against the US Dollar due to the release of better-than-expected trade balance data out of Germany. The Dollar has come under broad selling pressure as the markets await the latest US jobs data due later in Friday’s session. The single currency is also holding steady against the Pound.

Australian Dollar

The ‘Aussie’ is set to make its worst weekly rout since 2011 over the weekend as economists predict that the latest Chinese data due tomorrow will show that imports to the world’s second largest economy slowed, dimming the demand for Australian commodity’s. Against the US Dollar, Euro and Pound the ‘Aussie’ continued its rapid decline.

New Zealand Dollar

The ‘Kiwi’ is set to decline as the Oceanic currencies fall out of favour with investors due to growing signs of a slow-down in Australia and increased speculation that the US Federal Reserve will curb its monetary easing policy.

Canadian Dollar

The ‘Loonie’ made its biggest gains in a year against the US Dollar after new Bank of Canada governor Stephen Poloz made his first public comments that reiterated the view that interest rates will rise as the economy improves. The currency also found support from a rise in crude oil, Canada’s biggest export.

South African Rand

The Rand steadied against the US Dollar after the currency was supported by the stronger Euro after the European Central Bank ruled out cutting interest rates anytime soon. The Rand will be driven by the release of today’s US jobs data which could put pressure on the US currency and benefit the Rand.

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