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Mario Draghi won't cut the euro zone's main interest rate further

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Daily Currency update

The Euro

The Euro gained against the US Dollar after European Central Bank President Mario Draghi said he sees no urgent need to cut the euro zone's main interest rate further and sees no signs of deflation. Against the Pound the currency softened on expectations that retail sales data out of Greece and Portugal will disappoint.

Pound Sterling

The Pound advanced for a fourth day against the US Dollar to come close to a two-year high. Sterling’s strength comes in a week in which economists expect data to show that house prices rose and mortgage approvals increased. Trade is expected to be very light as the market winds down for the end of the year.

US Dollar

The US Dollar fell for a fourth day against the Pound and Euro. The fall came after Italy managed to sell €3 billion worth of government bonds, boosting confidence in the Eurozone economy. The ‘Greenback’ remains supported as the market waits for the Federal Reserve to begin to taper its monetary easing programme.

Australian Dollar

The ‘Aussie’ is set to make further declines as expectations rise that data released in China on New Year’s Day will show that its manufacturing sector grew at a slower pace in December. Reserve Bank of Australia Governor Glenn Stevens has suggested that he wants the currency to devalue by a further 5%.

New Zealand Dollar

The New Zealand Dollar was little changed in patchy trading leading in to the New Year holiday period and is likely to weaken next year as the Federal Reserve pulls back on its bond buying programme which has dented the ‘Greenback’.

Canadian Dollar

The Canadian Dollar climbed from its lowest point in more than three years on bets that the currency had fallen too far, too fast after the Federal Reserve announced it would slow its monetary stimulus program. The currency is still on course to make a yearly low against the Pound, US Dollar and other major peers.

South African Rand

The South African Rand advanced against the Pound on Monday after South Africa posted a surprise trade surplus. According to the South African Revenue Service, the nation’s trade balance posted a surplus of 770 million Rand in November, a sharp improvement compared to Octobers figure.

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