Sterling regain ground against Euro

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Pound Sterling

The Pound has fallen for a third-day against the majority of its most traded peers after Chancellor of the Exchequer George Osborne said that more austerity measures will be needed in order to fund tax cuts. His comments dampened demand for the currency. Sterling could regain some ground against the Euro if a UK services PMI report comes in strongly.

US Dollar

The US Dollar hit a one-month high against the Euro early in the session before retreating slightly and pushed higher against the Pound. The currency found support following a speech by Federal Reserve Chairman Ben Bernanke, who said that headwinds for the US economy are abating. The ‘Greenback’ could make further gains in the afternoon if the latest services and non-manufacturing PMI reports come in positively. Factory orders data is also due for release.

The Euro

The Euro ticked higher against the Pound and US Dollar following the release of more positive news out of Spain. The nation’s latest services PMI report defied economist expectations by coming in at 54.2, far ahead of the 51 which was forecast. Any figure above 50 indicates expansion. The Euro could push higher later in the session if PMI reports out of several Eurozone nations come in positively.

Australian Dollar

The ‘Aussie’ pushed higher against the Pound following the comments made by UK chancellor George Osborne. Against the Euro and US Dollar the currency remained soft after coming under pressure from the release of data which hinted that China, Australia’s biggest trading partner had a slow start to the New Year.

New Zealand Dollar

The New Zealand Dollar was steady against its U.S. counterpart on Monday following the release of disappointing Chinese data and continued expectations that further reductions in stimulus could be made by the US Federal Reserve.

Canadian Dollar

The Canadian Dollar pushed higher against a number of peers after Canadian Finance Minister Jim Flaherty said that the country is likely to post a bigger budget surplus than forecast next year. He also said that the Canadian economy will begin to benefit from a weaker ‘Loonie’.

South African Rand

The South African Rand is trading close to a five-year low against the US Dollar due to the ‘Greenback’ remaining strong following positive comments made by Fed chairman Ben Bernanke last week. Adding to the Rand’s weakness is the renewed threat of strike action occurring in the country’s volatile mining industry

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