Daily Currency Report

Market overview

The Bank of England and the European Central Bank are due to release their interest rate decisions. Both central banks are expected to keep rates on hold for the time being.

GBP
The sterling continued its decline and fell to fresh 13-month lows against the single currency.

USD
Although the dollar rallied against the sterling, continued eurozone strength pulled the currency to a two-month low against the single currency. Pulling the dollar lower was continued speculation that the FED are nearing the end of their rate hiking cycle.

EUR
The single currency continued its dominance of the markets reaching all-time highs against the yen, 13-month highs versus the pound while nearing two-month highs versus the greenback.

JPY
The yen continued to strengthen in Asian trade despite the leading economic indicators falling last month. The coincident index, which measures the present state of the economy, fell to 55.6 in February from a revised 95.0 in January.

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