Daily currency report

Overview

The euro continues to go from strength to strength hitting a fresh 20-month high against the dollar and another all-time high against the yen. The market continues to be volatile due to the vulnerability of the dollar.

GBP

The sterling hit a new two-year high against the dollar following the release of US data. UK Chancellor of the Exchequer Gordon Brown said: "We'll have growth that's higher than forecast this year".

USD

The dollar continued its downward spiral as US economic data confirmed expectations the Fed could cut interest rates early next year. There was some good news to come with a rise in existing US home sales in October, the first time since February.

EUR

The euro rose to a new record against the yen after touching a fresh 20-month high against the dollar. The ECB has signalled it is prepared to raise interest rates at its next meeting in December to 3.5 per cent, marking its sixth hike in a year.

JPY

The yen was sold off across the board following the release of disappointing retail sales, which fell for the second straight month despite the increase in gas prices.

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

Sign up to our free newsletters

Get the best updates straight to your inbox:

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.