Daily currency report

Overview

The sterling rose against the dollar and the euro following the release of some bullish housing data in the UK. The main reason for the dollar's fall was due to profit taking from traders after last week's gains.

GBP
The pound recovered from its recent losses against the euro and the dollar to hit one-week highs against both currencies. The Rightmove house price index showed that prices in England and Wales surged an annual 11.5 per cent in October.

USD
The dollar lost ground versus the pound following last week's gains as traders questioned how much further US interest rates could rise. All eyes will be on US inflation data for clues on whether the currency has room to rise further.

EUR
The euro was relatively unchanged versus the US dollar but lost ground against the pound. Interest rates in the eurozone have been on the rise recently following a recovery in the eurozone's economy.

JPY
The yen spiked quite sharply but then quickly returned to normal following comments from the Japanese Finance Minister welcoming Russia's decision to start buying yen for its foreign exchange reserves.

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