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Volatility in Eurozone imminent

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Pound Sterling

The Pound has declined for a third week, touching its lowest level in more than a month due to traders taking bets that European policy makers will make progress on stemming the Eurozone debt crisis. Against the Dollar the currency was little changed as the US posted a solid rise in GDP. In the past six months the Pound has weakened by 1.4% making it the third-worst performer after the Japanese Yen and US Dollar.

US Dollar

The Dollar made gains against most of its rivals last Friday as investors sought the shelter of a safe-haven following the credit downgrade of two EU institutions.

Dollar traders should be aware of a number of data releases that could spark volatility this week. Today sees the release of the nation’s latest PMI and Friday sees the newest US Non-Farm Payrolls figures. If that figure comes in lower-than-expected then the Dollar could suffer heavy losses.

The Euro

The Euro has risen to a one-month high against the US Dollar after German lawmakers finally agreed upon Greece’s latest rescue package. This week, in addition to a batch of US data that is virtually certain to generate volatility for the Euro, several news events out of the EU are set to impact the marketplace. Tuesday's Spanish unemployment change followed by a Spanish bond auction on Wednesday will be closely watched by investors with worse-than-expected data likely to weigh down on the Euro. Thursday's Minimum Bid Rate and ECB Press Conference are also expected to result in losses for the Euro if they signal an economic slowdown in the Euro-zone.

Australian Dollar

The ‘Aussie’ has made losses against all of its major counterparts after data showed that the nations retail sales took an unexpected dive, fanning expectations that the Reserve Bank will cut interest rates at tomorrow’s meeting. The currency slid for a third day against the US Dollar as doubts began to creep in regarding the US Fiscal cliff. News that China’s manufacturing sector expanded last month could limit the amount of losses the ‘Aussie’ suffers.

New Zealand Dollar

The ‘Kiwi’ has fallen against the US Dollar as the markets remain nervous over the ‘fiscal cliff’ negotiations in America. The New Zealand Dollar also weakened against the rest of its peers after data showed that the nation’s trade data worsened.

Canadian Dollar

The ‘Loonie’ weakened against the US Dollar last week as domestic economic growth disappointed the markets and a fall in US consumer spending suggested that trouble could be brewing in Canada’s biggest export market. Canadian economic growth was weaker-than-expected in the third quarter leading to concerns that the nation is slipping in the wrong direction.

South African Rand

The Rand is struggling to regain strength after being hit by a series of harmful events and economic data. Miner’s strikes and a lack of confidence in the economy as a whole have seen the Rand struggle for most of the year. Traders had been anticipating an end-of-year boost for the currency but that now seems unlikely to happen. The currency often strengthens towards year-end due to exporter demand for the currency but the poor backdrop and high risks associated with the currency have dampened sentiment.

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