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Greenback hits one month high against Yen

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US Dollar

The ‘Greenback’ strengthened to a one-month high against the Japanese Yen after market sentiment improved as the chances of an imminent military strike against Syria dwindled. Demand for the Dollar was also boosted by expectations that the Federal Reserve will begin to taper its monetary easing programme at its upcoming policy meeting later in the month.

Pound Sterling

The Pound has risen for a fifth day against the Euro as economists await the release of data that is expected to show that construction in the UK increased for a fourth consecutive month in August. Currently Sterling is trading close to a 10-week high ahead of Thursday’s Bank of England policy makers meeting. Economists are expecting the Bank’s committee to vote in favour of maintaining its asset purchasing target at £375 billion.

The Euro

The Euro tumbled to a five-week low against the US Dollar and was weaker against the Pound. The currency’s fall came after the release of upbeat economic data boosted the outlook for the global recovery which in turn bolstered demand for the ‘Greenback’. The Euro could soften further today if the latest unemployment figures from Spain show a continuing deterioration of the nation’s job market.

The ‘Aussie’

The ‘Aussie’ climbed to a one-week high against a number of its peers after the Central Bank maintained interest rates at the record low level of 2.5% and seemingly ruled out any further cuts in the near future. Weaker-than-expected retail sales growth and a widening of the nation’s current-account deficit could drag the currency back down.

New Zealand Dollar

The ‘Kiwi’ went higher against the US Dollar following the release of positive economic reports out of the Eurozone and China. The currency was also supported by a rise in commodity prices and the decision by the Australian Reserve Bank to maintain interest rates at the record low level of 2.5%.

Canadian Dollar

The ‘Loonie’ is little moved from yesterday’s level as it continues to benefit from yesterday’s positive data releases from China and the Eurozone. The high price of crude oil is also continuing to support the commodity based currency.

South African Rand

The Rand weakened against the Pound and US Dollar as fears over further labour unrest in Africa’s biggest economy weighed on sentiment. Today sees the start of a national strike by miners who are demanding higher pay and a walk out by workers in the car industry. Business confidence data due for release later in the session could offer some support if it beats economist expectations.

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