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The Pound is little changed against the US Dollar after economic data showed that UK consumer confidence reached its highest level in more than two years this month. House prices in the country also increased, rising for a second consecutive month. So far this month Sterling has strengthened by 1.6%.
The ‘Greenback’ weakened slightly against the Euro following the release of better-than-expected data for the Eurozone. The improved picture for the struggling currency bloc increased risk appetite which in turn weakened demand for the safe haven Dollar. Against other currencies the ‘Greenback’ made gains after economic data showed that the world’s largest economy is continuing to make a recovery.
The Euro has strengthened against the Pound and US Dollar after data showed that retail sales in Germany increased by a bigger-than-expected margin. Adding to the sense of optimism for the region was data which showed that Eurozone business and consumer confidence rose in June to its highest level since May 2012.
The ‘Aussie’ resumed its downward trajectory on Friday after three major banks lowered their forecasts for the currency. National Australia Bank cut its forecasts citing that the currency is likely to decline to US88 cents by the end of the year. The bank’s move follows those of Westpac and Goldman Sachs.
New Zealand Dollar
The ‘Kiwi’ held steady against its peers after Federal Reserve officials stepped up their campaign to clarify comments by chairman Ben Bernanke about reducing stimulus which has caused volatility in global financial markets. The ‘Kiwi’ could find support later today if economic data on building consents for May show continued strength.
The ‘Loonie’ fell for the ninth day in a row due to better-than-expected US economic data highlighting the divergent growth prospects of the USA and Canada. The currency weakened against the majority of its peers as jobless claims in the US fell and the house market improved.
South African Rand
The Rand breached the R10 mark against the US Dollar as better-than-expected producer inflation data eased tensions over the possible winding down of the US Federal Reserve’s monetary stimulus programme.