30 Mar, 2012 - Weekly Currency Update 30-03-2012
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Weekly Currency Update 30-03-2012
Europe
The shared currency advanced towards a one-month high on prospects European finance ministers will agree that there is a need to increase rescue funds during a two-day meeting as from today. The 17-nation Euro was about to reach its biggest quarterly gain versus the yen in 11 years before data forecast to show German retail sales increased. The Euro strengthened 0.4% to $1.3349, set for a third consecutive weekly advance, adding 0.6%. It reached its strongest level since Feb 29 at $1.3386 on March 27. However, the common currency slid 0.2% to 109.49 Yen but is still poised for a 9.9% rise against the Yen this quarter, the strongest gain since the final three months of 2000.
North America
The Dollar has registered modest gains for the month of March, reversing after two months of losses and convincing analysts that more gains can be expected. The Dollar dipped against Euro and the Yen this morning on the last day of the first quarter. The ICE Dollar Index, which measures the greenback against a basket of six major currencies, traded at 78.842, down from 79.176 late yesterday evening. Against the Japanese Yen, the Dollar traded at 82.00 Yen, down from 82.45 Yen.
Canada’s Dollar slid for a third day against its major peer, the U.S. Dollar, amid concern that the global economic growth is experiencing a slowdown thus reducing the demand for assets benefitting from expansion. The Loonie weakened 0.1% to 99.93 cents per U.S. Dollar while one Canadian Dollar buys $1.0007.
Around the world
Asian currencies are set for a quarterly gain as inflows will be spurred by growth. India’s Rupee and Malaysian Ringgit led the path as Asian currencies rose this quarter as the world’s fastest economic growth attracted funds to regional assets. The Rupee advanced 3.6% this quarter to 51.21 per Dollar, its best performance since mid-2009 while the Ringgit climbed 3.5% to 3.0655 per Dollar, its biggest gain since the third quarter of 2010. On the other hand, Thailand’s Baht rose 2.3% to 30.85, after slipping 1.5% in the fourth quarter as the nation’s worst floods in almost 70 years closed factories. Elsewhere, China’s Yuan slid 0.1% to 6.3022 per Dollar and Taiwan’s Dollar gained 2.5% to NT$29.55. The Yen rose against all of its 16 major counterparts as concern increased that Europe’s sovereign-debt crisis is threatening global economic growth. The Yen advanced 0.5% to 82.46 per Dollar and appreciated 0.7% to 109.68 per Euro.
The Australian and New Zealand Dollars strengthened as Asian shares erased an early decline, spurring demand for higher-yielding assets. The Aussie rose 0.2% to $1.0409 while the Kiwi gained 0.3% to 81.95 cents.
Finally, South Africa’s Rand extended its drop after the announcement that the benchmark rate was left at 5.5% by the Central Bank, reaching 7.7702 per Dollar from 7.729 earlier.
If you wish to have a more detailed currency outlook or to find out how economic and political news could affect your currency transfers, speak to a deVere FX Manager today.
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as advice. You should act using your own information and judgment. Although information
has been obtained from and is based upon multiple sources the author believes to
be reliable, we do not guarantee its accuracy and it may be incomplete or condensed.
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the briefing and are subject to change without notice. Any rates given are 'interbank'
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