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Worries beginning to creep into the Eurozone

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Pound Sterling

The Pound has fallen for a second-day against the US Dollar as investors await the release of the latest UK construction data. Economists are expecting the data to show that the sector contracted for a fourth-month in February. Sterling has firmed slightly against the Euro after house prices in England and Wales posted a slight rise and doubts continue to creep into the Eurozone.

US Dollar

The ‘Greenback’ is up against the Euro due to investors opting to seek shelter in the safe-haven Dollar. Concerns over Italy and the growing divide between the pro-austerity EU government and the region’s population is threatening the nation’s austerity measures. The Dollar has also avoided being impacted by the sequestration budget cuts that went into force last Friday. This coming Friday sees the release of the latest unemployment data.

The Euro

The Euro is under pressure and has weakened against the Pound and US Dollar due to investors opting to choose safe haven currencies. The aftermath of the Italian elections continues to give the market concern with fresh worries that the Euro crisis could flare up once again. The European Union’s austerity program is under threat in Italy as voters made their anger clear last week by giving the highest portion of the vote to a protest party.

Australian Dollar

The ‘Aussie’ fell to an eight-week low due to heavy falls on the local and Chinese share markets. A decline in residential building approvals and the expectation of a soft GDP report on Wednesday has weighed down the currency.

New Zealand Dollar

The ‘Kiwi’ has fallen to a two-month low as weaker-than-expected data out of Australia weakened investor appetite for higher yielding currency. Uncertainty in Europe and the introduction of budget cuts in the US has caused investors to seek shelter in safe havens.

Canadian Dollar

The ‘Loonie’ is hovering just above an eight-month low against its US relation. The decline has been caused by concerns over Europe and data showing that the Canadian economy has stagnated. The currency has fallen for a fourth-straight week as the economy posted growth of just 0.6%, its weakest rise since 2011.

South African Rand

The Rand is trading at a one-month low against the Dollar and is set to test this year’s low of R9.16. This week sees a lack of economic data for South Africa, which could give the currency some breathing room. The only piece of data due for release is the latest vehicles sales data, which is out today.

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