Daily currency report

The dollar rebounded against most major currencies, as investors took profit on moves sparked by fears of dollar selling by the Chinese Central Bank. In the UK, the sterling dipped to one-month lows against the euro.

GBP

The sterling weakened against the euro and the dollar. This was in the light of data showing house prices rose at their fastest pace for 18 months while the cost of goods leaving Britain's factories fell.

USD

The dollar recouped some of its losses and gained on the major currencies as investors reassessed the likelihood of foreign central banks dramatically cutting their US currency holdings. However, the dollar fell to 10-week lows against the euro and its lowest level for 18 months against the sterling.

EUR

German GDP growth slowed more than expected in the third quarter but only after expansion in the two previous quarters was revised up boosting optimism for the full-year outlook.

JPY

The yen rallied after data showed Japan's economy grew more rapidly than expected in the third quarter, keeping the Bank of Japan on track to raise interest rates in the next few months.

Gerald De Giovanni, Commercial Foreign Exchange Travelex Malta, freephone: 800 77 33 22, www.travelex.com.mt