The yen remained under pressure after the BoJ's decision to leave interest rates on hold, while the dollar was hit after the release of poor data caused more speculation about an interest rate cut in the US.

GBP

Despite a lack of UK data the pound gained ground against the dollar, and hit a 15 year high against the yen after high yielding currencies gained a boost from the BoJ after they kept their interest rates on hold. The minutes release from the BoE meeting earlier this month could provide an insight into the timing of any future move, with a further increase widely expected.

USD

The US dollar extended its losses after a string of poor data. Industrial Production and Capacity use were lower than expected in May while core US inflation for May was the lowest since March 6, sparking speculation about an interest rate cut in the near future.

EUR

The euro has hit another record high against the falling yen. It could be a good week for the euro all round as, despite rising euro zone interest rates, prospects for economic growth in the euro zone are seen to be improving.

JPY

The yen was pressured from the BoJ's decision to leave rates on hold, and the lack of clear signals regarding the timing of forthcoming hikes. The indication that the yen would continue to be used to fund carry trades boosted high yielding currencies such as the AUD and NZD, while the pound and the dollar hit a 15 year high and a four and a half year high respectively.