Daily Currency Report

Market overview

Currency markets remain in something of a volatile mood and there are no immediate signs of this sentiment fading, with more inflation-bearing data due out of the US.

GBP

Q1 GDP figures were left unrevised at 0.6 per cent m/m and 2.2 per cent y/y. The sterling seems to be slipping slightly against the euro, as its lost more ground against the recent dollar strength than its European counterpart.

USD

The dollar slipped against the major currencies in the overnight session after the upward revision of Q1 GDP fell short of forecasts at 5.3 per cent. The news that John Snow may leave the US Treasury helped further weaken the dollar.

EUR

US data releases will be the focus over the next couple of days and we can expect the Euro to benefit from any negative data and, equally, suffer on anything positive from the continually erratic data feeds coming from the US.

JPY

A narrower trade balance did not deter bidding on the Japanese yen as traders were encouraged by the uplift in overall import figures.

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