Daily Currency Report

Market overview

The single currency shot to record highs versus the yen and climbed against the dollar as the German IFO business confidence release hit its highest level since 1990.

GBP
The sterling managed to post gains against the majors despite initially being hit as data releases from the US and eurozone surprised on the upside. The reason was merger and acquisition news as it continued to fuel sterling gains, the latest being Swisscom Mobile's £1.8 billion bid for a 25 per cent stake in Vodaphone.

USD
The dollar ended lower against the sterling and euro as it came under renewed pressure despite a surprise jump in producer prices in November. A key release from the eurozone and speculation of large inflows for the sterling pushed the dollar back to near multi-month lows.

EUR
The single currency hit 15-year highs as Germany's IFO survey pushed the currency to a record high versus the yen and also strengthened against the Dollar.

JPY
The yen continued to suffer and ended the day lower against all major currency pairs, hitting an eight-year low versus the sterling and a record low versus the euro.

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