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Will USA slow quantitative easing programme?

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Pound Sterling

The Pound is little changed against the US Dollar ahead of a government report that economists expect will show that UK consumer-price inflation slowed in April. Sterling rose from a six-week low against the Dollar yesterday after data showed that home sellers have raised asking prices, adding to the sense of optimism for the British economy.

US Dollar

The ‘Greenback’ weakened against the majority of its peers due to traders paring back their expectations that the Federal Reserve will slow its quantitative easing programme. Tomorrow will see Fed Chairman Ben Bernanke testify to Congress, if he fails to confirm the slowdown speculation than the Dollar is likely to soften.

The Euro

The Euro remains close to a six-week low against the US Dollar and is trading slightly down against the Pound. Yesterday was a quiet day for the single currency due to many European Markets being closed for national holidays.

Australian Dollar

The ‘Aussie’ has rebounded from a two-week low against the US Dollar as traders bet that Fed Chairman Ben Bernanke may counter speculation that US policy makers are close to reducing the Central Bank’s bond buying programme.

New Zealand Dollar

The ‘Kiwi’ held gains against the ‘Greenback’ as investors pondered whether Federal Reserve Chairman Ben Bernanke will give any hint of unwinding his money printing programme this year when he addresses congress tomorrow. Supporting the ‘Kiwi’ was data that showed that the number of New Zealanders leaving the country for Australia has slowed to its smallest monthly deficit in three years.

Canadian Dollar

The ‘Loonie’ has lost ground against the US Dollar due to a fall in crude oil prices. The currency also fell to an over two-week low against the Euro and edged lower against a broadly strengthening Yen. This week Canadian news is a little thin on the ground, with the main piece of data to look out for being Wednesday’s retail sales figures.

South African Rand

The Rand has tumbled further against its most traded peers due to continued concerns over possible violence in South Africa’s mining sector. A clash between workers and mining companies seems inevitable after workers demanded huge wage hikes. As employers and workers square off in this year's salary bargaining period, company margins in Africa's largest economy are shrinking due to soaring costs and sinking commodity prices. The ongoing turmoil has caused the Rand to fall to a fresh four-year low.