Daily Currency Report

Overview

The dollar came out as the session winner again this week. With very little economic data released, the driving force for the moves was the talk from the US Central Bank about the possibility of a June increase.

GBP
The BoE appears almost certain to leave interest rates on hold for the 10th month running but signs that the economy is picking up have led markets to believe the next move will be upwards.

USD
The dollar came out in its longest winning streak since March, as the US Central Bank continued to talk up prospect of a June interest rate rise. The US consumer credit figures were also higher than expected.

EUR
The eurozone economic upswing was highlighted as retail sales rose by 1.4 per cent, suggesting the recovery was broadening into the consumer sector. The European Central Bank looks set to lift interest rates by at least 0.25 per cent points.

JPY
Over the last couple of days the yen has been trading weaker against the dollar as the stock market continues to decline.

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