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Daily Currency Report

Overview

The dollar steadied after failing to capitalise on a rise in US core consumer prices. The sterling made gains against the dollar and the euro. However, the British core consumer prices also appear to be rising.

GBP
The sterling hit a one-week high against the dollar and rose against the euro, following strong inflation data that revived talk of a possible interest rate hike in British interest rates.

USD
The dollar fell as traders adjusted their positions after May's inflation data cemented chances of a June Federal Reserve interest rate hike. The CPI rose by 0.3 per cent and the annual rate edged up to 2.4 per cent.

EUR
The German deputy economy minister said that a further rise in the euro is not in Germany's interest and further currency appreciation could hurt German exporters.

JPY
As expected, the BoJ stuck to its policy of keeping interest unchanged following its two-day monetary policy meeting. The market expects that BoJ will wait until late August when revisions have been made in how the BOJ consumer price index is calculated.

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