Daily Currency Report
Market overviewThe dollar is currently taking main stage in the currency markets with observers attributing the dollar's gains to market positioning ahead of this week's widely anticipated Fed rate hike. This will further improve the currency's yield...
Market overview
The dollar is currently taking main stage in the currency markets with observers attributing the dollar's gains to market positioning ahead of this week's widely anticipated Fed rate hike. This will further improve the currency's yield advantage, following poor American Q4 GDP growth as well as stronger than expected new home sales data, leading to a strong dollar rally.
GBP
Sterling was well propped to four-month highs when the minutes from the Bank of England's January rate-setting meeting showed members to have voted 8-1 to keep rates unchanged.
USD
The dollar holds on to most of its brisk gains on Friday, emerging in the face of a dismal 1.1 per cent GDP growth in Q4. Markets shift to what could be further dollar positive news from spending and income data, which is expected to hit a four-month high.
EUR
The euro sell-off enters its 4th consecutive day - the longest losing streak since mid-November. Economic data will be far busier this week, with Labour market, retail sales, confidence and manufacturing reports all due for release.
JPY
Friday marked the fourth straight day of gains for the dollar against the Yen. Consumer price inflation for Tokyo increased 0.5 per cent in the month of January with a 0.2 per cent rise in core prices.