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Euro losing out to the Dollar and the Pound

Daily Currency update

Pound Sterling

The Pound softened against the US Dollar over the weekend due to data showing that UK house price growth slowed in July. Average property values increased by 0.3% compared to the 0.4% gain seen in June. Despite the slowdown prices are up by 1.3% on a year-by-year basis, the highest since 2010. Sterling is likely to move once Monday’s data releases are published. The latest mortgage approvals and consumer credit are expected to show further improvement in the UK housing sector.

US Dollar

The ‘Greenback’ remains soft against most of its peers as last week’s US economic data releases failed to convince investors that the Federal Reserve will decide to reduce its monetary stimulus programme. The Dollar is likely to make movement on Tuesday when the US Consumer confidence data for July is released. Economists are expecting a decline.

The Euro

The Euro is softer against the Pound and US Dollar after German Finance Minister Wolfgang Schaeuble said that Europe must keep up the pressure on Greece to stand by its austerity pledges. Economists are expecting the European Union to begin a vigorous approach to solving the Eurozone’s debt problems after the upcoming German elections. Euro traders should be aware of tomorrow’s Spanish GDP data, German consumer confidence and Eurozone consumer confidence data releases.

Australian Dollar

The ‘Aussie’ has weakened against many of its peers as an ongoing slide in the Japanese share market dented the popularity of higher-yielding currencies. As a result the Yen strengthened against the ‘Aussie’ as the market decline dented risk sentiment.

New Zealand Dollar

The ‘Kiwi’ declined against its peers after New Zealand Prime Minister said that the currency is still overvalued and the government would welcome a drop in the currency. In local trading the ‘Kiwi’ is little changed as investors await the release of US economic data and the Federal Reserve’s latest update on its monetary policy.

Canadian Dollar

The ‘Loonie’ remains higher against its US relation as it continues to benefit from last week’s data showing the biggest gain in retail sales for three years. This week sees the release of the latest Canadian GDP data which economists expect will show growth of 0.3%.

South African Rand

The Rand is softer against the US Dollar after South African Reserve Bank data showed that growth in credit extension to the private sector slowed in June. As a result investors are expecting the Central Bank to consider another interest rate cut at its next policy meeting.

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