Daily Currency Report

Overview

Sterling fell to a two-week low against the dollar as it rallied on expectations of further US interest rate hikes. Interest rate policy meetings began within the Bank of Japan, where the decision on any potential rises in rates is being debated.

GBP
The pound lost much of its ground versus the dollar over the last few days despite the release of positive UK house price data. There were also strong retail sales numbers released, indicating that the Bank of England will leave interest rates at their current level of 4.5 per cent.

USD
The greenback has been the biggest winner after recovering against the pound, the euro and the yen.

EUR
After the euro's slight recovery as a result of the rare interest rate increase last week, it is very much on the back foot again versus the dollar.

JPY
Japan's central bank started debates on whether the time is right to put an end to its policy of ultra-easy lending.

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