Daily Currency Report

Overview

With no eurozone data released, the euro was helped by weaker than expected CPI figures from the US and the minutes from the BoE's monetary policy meeting. Eurozone Industrial production data and Inflation HICP figures are now due for release.

GBP
The sterling fell to session lows against the dollar and the euro following the release of the Bank of England's Monetary Policy Committee minutes. It, however, rebounded slightly following the weaker than expected US CPI figures.

USD
The dollar slumped after the release of tame core inflation data reinforced the view that the Federal Reserve may not need to raise interest rates further to ward off pricing pressures.

EUR
The euro has been rallying against the dollar over the last couple of days and has again come out on top but this has been primarily due to dollar weakness rather than news driving euro strength.

JPY
It was another mixed day for the yen, again losing value against the euro, Swiss and Australian dollar, but gaining strength against the pound and US dollar.

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