The dollar held near seven-week highs against the euro and the yen as investors traded cautiously after sharp sell-offs in global stock and commodities markets.

GBP
The sterling matched a recent three-week high against the euro after British inflation came in stronger than expected, overshooting the BoE's inflation target.

USD
The dollar caused an unexpected surprise by climbing to its highest levels in over a month against the euro and the yen after higher-than-expected core US inflation figures were published.

EUR
German investor confidence fell by more than expected in June, caused by high oil prices, a strong euro and rising interest rates, which could mean that the country's economic recovery may be peaking. The single currency again lost ground against the US dollar, although it held relatively steady against the pound.

JPY
The recent decline in share prices has given very few clues to when the BoJ may raise interest rates from zero.

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