Daily Currency Report

Market Overview

The minutes of the FOMC meeting showed that the Federal Reserve officials appear very worried about rising prices and expectations among consumers that prices will rise further.

GBP
The sterling fell to a three-week low versus the euro and weakened against the dollar after data showed UK house prices rose only modestly in May and mortgage approvals fell to a seven-month low in April.

USD
The dollar rose against both the euro and sterling overnight after minutes from the Federal Reserve's latest policy meeting stoked expectations that the Central Bank will raise interest rates again later this month.

EUR
Eurozone figures showing higher inflation and firmer confidence have raised the chances that the ECB may raise interest rates by 50 basis points next week. The euro has strengthened against both the dollar and the pound.

JPY
The yen rose against both the euro and dollar after the Chinese Central Bank reaffirmed its commitment to deepen foreign exchange reform and boost the flexibility of its currency.

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