Daily Currency Report

Overview

The release of US trade figures showed how the deficit in December had risen to $65.7 billion against the revised $64.7 billion. This saw the overall year to date figure at $725.8, an increase of 17.5 per cent from the previous year. China's yuan hit its highest level against the dollar since July, after scoring its biggest weekly gain of 0.14 per cent.

GBP

The sterling rose against the dollar and climbed off a two-week low versus the euro. This week sees the release of various key economic figures, all of which should give some indication about the state of the British economy.

USD

The dollar extended losses following the release of US trade data. The greenback recovered later on. All eyes are on the new Fed chairman who is expected to signal that the Fed is set to continue raising interest rates.

EUR

Despite posting earlier gains, the euro fell victim to the late dollar surge fell short against sterling as well as the greenback. In news that broke over the weekend, the European Commission and the ECB may agree to review whether Slovenia, Estonia and Lithuania are fit to join the euro zone next year.

JPY

The yen gained more than one per cent against the dollar and euro following upbeat economic data fuelled speculation that the Bank of Japan might soon shift from its ultra easy monetary policy.

Compiled by Commercial Foreign Exchange Travelex Malta. (Free phone: 800 77 33 22) www.travelex.com.mt

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