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Dollar fall gains momentum

As expected the Bank Of England left interest rates unchanged yesterday and also did not expand the QE measures any further from the GBP175bn current level. This gave sterling a swift boost as it pushed higher across the markets- gaining on the USD and the EUR. Further good news today from the UK as UK August PPI input prices came in at +2.2% stronger than forecasted and the highest since June 2008, output prices came in close to forecasts at +0.2%; GBP/USD has today touched over 1.67 and GBP/EUR has gradually climbed to 1.1450. The USD is still under immense pressure across the markets losing against most currencies with EUR/USD peaking over 1.46 and NZD/USD hitting a yearly high. The problem with the USD is that it has broken past key levels and the momentum is still there. In addition economic news is still coming in positive which is a natural USD sell; most notably we had improved data from China which encouraged more risk to be undertaken in the markets. US equities have also hit a 2009 high and gold has gone back above $1000.00/oz heaping more pressure on the beleaguered dollar. The US treasury emissary in Beijing aptly named David Dollar added more pressure by stating that “China has a huge amount of foreign reserves and it makes a lot of sense for it to diversify” adding “I think it is healthy to have a variety of different reserve-type currencies. We welcome the internationalization of the renmimbi.” Economic data also did not help as the US trade deficit widened in July. In other news the Bank Of Canada (BOC) left rates unchanged but strongly affirmed that they are not happy with the strength of the Canadian dollar- this led to a sell off in the Canadian currency across the markets as the bank hinted that unconventional measures could be introduced to counter this problem- basically Canada is hinting at introducing QE.

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