Daily Currency Report

Overview

The USD gained against the euro for the sixth straight day. This came in spite of warnings over growing inflation and rising energy prices, released by the G8 committee.

GBP
The sterling hit its strongest level against the euro in more than two weeks and also held steady against the US dollar. UK Consumer Price Inflation is expected to show a rise in inflation.

USD
The dollar hit a one-month high against the majority of the currencies, helped by investors buying dollars in light of increased expectations that the Fed will raise interest rates on June 28.

EUR
The euro continued to suffer across the board after the European Central Bank last week signalled it was not planning to speed up the once-a-quarter pace of its money tightening.

JPY
Japan's economy grew 3.1 per cent in the three months to March, providing further reassurance that Japan is on track to achieve its longest running post-war recovery.

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