Daily Currency Report

Market Overview

Data releases this week could be decisive on determining where the major currencies will be heading in the coming months. The German IFO business survey could put pressure on the euro if it comes out weaker than expected. US data will be watched by the markets to give an indication of whether the interest rates have now reached their peak.

GBP

Sterling hit three-week highs versus the dollar and two-year peaks against a basket of currencies after comments by a BOE policymaker cemented expectations of an interest rate hike in November.

USD

The dollar gained against the euro, buoyed by unexpectedly resilient US home sales data, but remained relatively unchanged against most currencies, as investors braced themselves for a big week of US economic data.

EUR

The euro was a tad firmer ahead of a closely watched German IFO business climate survey for September.

JPY

Japan's new Prime Minister faces the challenges of trying to repair ties with China and keeping economic reforms on track.

Compiled by Commercial Foreign Exchange Travelex Malta. (Free phone: 800 77 33 22) www.travelex.com.mt

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