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Pound strengthens against Euro but slips against Dollar

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Money transfer comparison currency report

Pound Sterling

The Pound strengthened for a second day against the Euro after data showed that UK house prices rose further in October. House prices rose by 1% in October higher than the 0.9% increase recorded in September. Against the US Dollar the currency softened after the latest GfK Consumer Confidence survey came in below forecasts. The Index came in at -11 and below the -8 expected by economists.

US Dollar

The US Dollar is on track to make a fourth day of gains against the Euro as investors expect data due for release later in the session to show that the number of people claiming job seeking benefits fell. The currency is weaker against most of its other peers after the Federal Reserve provided little in the way of surprises following its two day long policy meeting. The Central Bank chose to maintain its $85 billion per month monetary easing programme.

The Euro

The Euro is trading lighter against the Pound and US Dollar following the release of disappointing data out of Germany. The region’s largest economy saw consumer confidence fall and retail sales drop in September, casting doubt on the strength of the Eurozone’s economic recovery. The currency is likely to soften further as Italian unemployment data is expected to disappoint and the number of unemployed in the wider region is not expected to show any signs of improvement.

Australian Dollar

The ‘Aussie’ is trading stronger against the majority of its peers after the currency benefited from a surge in the number of new home sales. Official data showed that building approvals in Australia climbed by 14.4% in September, beating expectations for a 2.7% increase.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation higher as the positive housing data out of the larger Oceanic nation helped to lift both currencies higher. The currency also benefitted after the nation’s Central Bank chose to maintain interest rates at 2.5%. The decision by the US Federal Reserve to maintain its monetary easing programme also benefitted the commodity based currency.

Canadian Dollar

The Canadian Dollar initially fell to a seven-week low against its US relation after the Federal Reserve announced that it will be maintaining its $85 billion a month monetary easing programme. It then managed to recover some ground but is likely to remain softer against its peers after the price of crude oil fell to a four-month low.

South African Rand

The Rand weakened against the majority of its peers as concerns over possible strike action and the Federal Reserve’s decision to maintain stimulus weighed on investor sentiment. The Fed’s policy statement suggested that the Central Bank may taper sooner than expected.

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