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Exchange Rate Update
26 March 2012

Last week was fairly quiet for the Pound, which traded in a narrow range against most major currencies. Against the Euro and US dollar, exchange rates did not move more than a cent all week despite the UK budget, Bank of England minutes and inflation data. We did see some movement against the New Zealand dollar, with rates up to their best this year, after poor GDP figures in New Zealand.

This week, as we approach the end of March, there is still plenty of news due out which could affect exchange rates. At home we have a GDP revision, current account figures, and consumer credit, while in Germany the unemployment, inflation and consumer confidence figures are all likely to influence the Euro, particularly as the rest of the Eurozone looks to German growth to keep sovereign debt crises out of the headlines.

In the USA, dollar rates are still near to recent highs, and with consumer confidence, GDP, consumer credit and personal income all due out this week, we could see some volatility in the dollar.

All exchange rates remain susceptible to weak figures, as the supposed recovery in worldwide economies is yet to convince the markets. We also have speeches from the highly influential heads of the US Federal Reserve and European Central Bank, which can have a pronounced effect on currencies.

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