South African rand strengthened against the dollar

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Foreign Exchange Overnight/Morning Ranges:

Rate EUR/USD 1.4378-1.4472

Rate GBP/USD 1.6355-1.6441

Rate GBP/EUR 1.1353-1.1383

The South African rand strengthened for the first time in four days against the dollar as exporters repatriated foreign earnings on expectations price swings in the South African currency will lessen in coming weeks.

The New Zealand dollar fell after Christchurch was struck by aftershocks of the February earthquake. The kiwi slumped 1.1% against the US dollar and declined against sterling.

Despite the USD opening weaker from yesterdays levels after comments on concerns of the size of the U.S. deficit, the Euro is also a little weaker against a basket of currencies as Greece was branded with the world’s lowest credit rating by Standard and Poor’s, which said the nation is increasingly likely to face further debt restructuring going forward. Meetings continue this week and next as E.U.

Finance ministers target the end of the month to reach an agreement on this restructuring of the Greek debt. Last night U.K.’s RICS house prices index posted the lowest reading since January, however the Pound holding firm against both the USD and Euro. Today U.K. inflation data is due at 9.30 a.m. and retails sales from the U.S this afternoon.

EUR/USD currently 1.4457. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6398. Support 1.6300, resistance 1.6600.

GBP/EUR currently 1.1340. Support 1.1350, resistance 1.1600.

Oil $ 97.44 Gold $ 1523

Dow +0.01% FTSE +0.48% Nikkei +1.05%

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South African rand strengthened against the dollar

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