Daily Currency Report

The dollar extended its losses after a report showed that manufacturing growth in the US slowed in October. The sterling continued on a strong footing ahead of next week's expected interest rate rise.

GBP
Even though manufacturing sector PMI came in slightly below expectations in the month of October, it did little to stop the pound from rallying for the sixth consecutive day in a row. The UK PMI index fell to 53.7 from 54.5 but the sterling rose 0.2 per cent against the dollar and 0.1 per cent against the euro.

USD
The dollar hit a one-month low against the euro and the yen and dropped to its lowest level this year against the sterling. Data released showed that the US manufacturing sector expanded at its slowest rate in more than three years.

EUR
The market is beginning to get tired of the US dollar's extended sell-off and the euro ended virtually unchanged against the greenback. The ECB is expected to keep interest rates unchanged at 3.25 per cent.

JPY
The yen has done little, but after an extended period of strength it gave back a small portion of its gains earlier today.