Market Comment - Currency Exchange
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Market Comment:
The Euro has finally run out of steam against the USD. Having been hovering around the $1.5 mark for over a week, it fell back down to a more stable level at 1.4880.
The US Dollar was back in favour again and it looks likely to continue that way as it is now making ground against the commodity backed currencies such as AUD, CAD and NZD.
In fact, the Canadian Finance Minister made one of the bluntest comments to date, explicitly stating that Quantitative Easing measures could be used to weaken the CAD.
There’s a familiar pattern now. As the Global Equity markets and Commodity markets weaken, the US Dollar strengthens.
In the UK, the newest member of the MPC commented that QE will not cause a future surge in inflation. How might this affect the Pound? Inevitably, this has increased speculation that QE will now continue and that the BoE will increase QE at their meeting next week.
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