Daily Currency Report

Market overviewMajor currency pairs traded within tight ranges with some indication that the yen is enjoying some demand following a sharp rebound in the Nikkei due to the shock triggered by the investigation into possible irregularities at Jap...

Market overview
Major currency pairs traded within tight ranges with some indication that the yen is enjoying some demand following a sharp rebound in the Nikkei due to the shock triggered by the investigation into possible irregularities at Jap internet firm Livedoor. In the US, consumer prices unexpectedly fell in December for a second straight month, making it more likely the Federal Reserve has almost finished raising interest rates. Warm weather dropped oil prices to $66 per barrel as gold prices slipped to $20 an ounce.

GBP
Sterling slipped against the euro and held steady versus the dollar after data showed UK wage growth slowed in the three months leading to November, sparking talk of a cut in interest rates.

USD
The dollar steadied after a volatile session as rising global risk aversion, triggered by a slide in Japanese stocks and high oil prices, kept investors nervous.

EUR
The euro ended the US session virtually unchanged against the dollar. The French current account deficit ballooned from €3.8 billion to €4.1 billion, yet the market was actually calling for the deficit to narrow.

JPY
The Japanese yen stabilised after testing a 12-day low against the dollar and the euro.

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