Daily currency report

Overview

The sterling hit a five-week high versus the euro, losing some ground against the dollar. The latter surged against the euro and wiped out any losses against the yen.

GBP

The sterling made significant gains versus the euro as it was still riding high on Wednesday's upbeat monetary policy meeting minutes, which suggested a strong possibility of another interest rate hike in July or August.

USD

The dollar rose against the euro to its highest level in more than six weeks, after a government report showed purchases of new homes in the US increased the most in 14 years during April as prices declined.

EUR

The euro dipped against the dollar and sterling, as the release of the German IFO report proved to be disappointing, with business sentiment holding steady in the month of May.

JPY

The yen jumped up, pulling away from a three-month low against the dollar, struck earlier in the week. It shrugged off data showing Japan's core inflation fell at a slower pace in April, reinforcing expectations the BoJ will lift rates in coming months.

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