Daily currency report

Overview

On the prospect of narrowing interest rate differentials, the greenback may be subjected to further selling pressure in the coming months. The ECB left rates on hold as expected at 2.50 per cent on Thursday, but at the post-decision press conference the ECB president signalled a rate hike in June.

GBP

The sterling rallied to an eight-month high against the dollar, tracking the euro's gains. It was further supported by strong macroeconomic data, which strengthened the case to keep interest rates on hold.

USD

Will the US payroll report provide enough support for the dollar to regain some stability?

EUR

The euro is expected to advance for a fourth week, its longest winning run in almost nine months based on speculation that the ECB will raise interest rates faster than the Federal Reserve.

JPY

The yen was set for its third weekly gain, the longest winning run in eight months.

Commercial Foreign Exchange Travelex Malta, www.travelex.com.mt

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