Daily Currency Report

Overview

The FX market continues to be dominated by the notion that North Korea is preparing to test long-range missiles, the effects of which could be extremely yen negative.

GBP
The sterling hit a four-week high against the euro and an eight-year high against the yen as strong housing data gave the pound a boost. The Confederation of British Industry revised its economic growth forecast for this year to 2.4 per cent.

USD
The housing market provided the primary focus for the USD. The market is showing signs that it may give way. The problem lies in the fact that this may lead to a deflation of the housing market bubble.

EUR
Recent economic data has not assisted the euro as it struggled against the dollar. The region's trade deficit widened to €9 billion.

JPY
The Japanese yen hit an all-time low against the euro and an eight-year low against the sterling.

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