Daily currency report

Overview

Markets will be watching closely the ECB and BoE rate announcements with both expected to leave rates on hold. Further news out this week is the Non-Farm payrolls figure for the States tomorrow.

GBP
The pound continued to move higher against the dollar but gave back some of its gains against the euro. Traders will watch closely the Central Bank's quarterly inflation report given the recent rise in oil prices.

USD
The dollar stumbled against the euro, the sterling and the Australian dollar. Prompting the sharp decline was a surprise 25-basis point rate hike by the Reserve Bank of Australia.

EUR
Economists are expecting the European Central Bank to keep rates unchanged at 2.5 per cent. Economic events include the April non-manufacturing PMI survey and March retail sales.

JPY
With the continued closure of the Japanese market during the Golden Week holidays, the yen traded within recent ranges.

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