Daily currency report

Market overview

The slight recovery seen in the dollar earlier this week was short-lived as traders continued to sell-off the currency as there was little economic news released to offer any support to the dollar. Stronger than expected manufacturing data from the eurozone and the UK pushed the greenback to multi-month lows.

GBP
The sterling gained across the board following stronger than expected manufacturing data from the UK. The housing market also picked up with the number of mortgage approvals in Britain, jumping 33 per cent year-on-year in March to its highest level in two years.

USD
The US dollar has been knocked further across the board after the Reserve Bank of Australia raised its overnight rate to 5.75 per cent in line with expectations, meaning that the greenback will continue trading in current lows for a while.

EUR
The euro recovered against the dollar as markets digested upbeat eurozone economic data. Manufacturing PMI posted its best reading in over five years in March. The strong report was its best reading since September 2000.

JPY
With Japanese markets closed for Constitution day, the first of the Golden Week, trading in the yen was very thin.

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