Daily currency report

The dollar and the yen were both hit hard. The yen hit its lowest level against sterling since 1998 and an all time low against the euro. The dollar suffered following strong UK retail figures. The Swiss National Bank indicated there was more support for an additional interest hike this year.

GBP
Sterling hit a week high against the dollar and held a four-week high against the euro as stronger than expected UK retail sales figures boosted a case for a rate hike.

USD
The dollar weakened after minutes from the Fed's policy meeting cooled expectations that the CB will raise interest rates again. Other data releases showed evidence of a growth slowdown when the Philadelphia Fed's survey fell from13.1 to six.

EUR
The euro continued to recover. There was little eurozone economic data released aside from the French current account deficit, which widened less than expected. With no US economic data due for release, the degree of French consumer spending could be the primary driver of the EUR/USD.

JPY
The yen weakened against all major currencies. It fell to its lowest point against sterling since October 1998 and weakest ever level against the euro. The release of the minutes from Bank of Japan's meeting last month failed to deliver any surprises.