Daily Currency Report
Market Overview
No movement is expected in the decisions of the MPC and the ECB on interest rates. The dollar staged a recovery off the back of an employment report which posted a better reading than expected.
GBP
The sterling was steady against the euro above recent two-month lows as investors await the BoE and ECB rate decisions. The British retails shop price index also fell year on year in June after dropping 0.48 per cent in May.
USD
The dollar rallied after a survey by payroll services' company ADP showed that US private sector employers created many more jobs than expected in June.
EUR
The eurozone data has been particularly strong, adding to speculation that the ECB could increase rates twice before the end of the year. The manufacturing PMI for June came in ahead of expectations rising to its highest level since the year 2000.
JPY
Along with other Asian currencies the yen was hit by news that North Korea had test-fired seven missiles into the Sea of Japan. However, it fell less than may have been expected, although it did hit another record low against the euro.