The dollar dropped against all currencies as inflation and housing data increased speculation that the Fed would not increase rates beyond five per cent. The sterling's plight has been overshadowed by the dollar.

GBP

Retail sales continued to pressure the pound as no clear improvement was indicated. Coming after a weak labour market report, subdued figures have driven sterling lower, hitting a seven-month low against the euro.

USD

The dollar continued falling as all available data seemed to back up the growing feeling that the Fed is near the peak of its tightening cycle. The lack of significant upward pressure on inflation reduces the need for the Fed to raise rates beyond five per cent.

EUR

Consumer prices in the eurozone rose 0.3 per cent in February taking annual inflation to 2.3 per cent. Economists said that the lower increases in energy costs could keep inflation low this year.

JPY

The yen weakened after the governor of the BOJ said they would not immediately head towards tightening interest rates, despite last week abandoning their ultra loose monetary policy.

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