Daily currency report

The dollar rose against the yen and the euro on speculation the Federal Reserve's interest-rate cuts and efforts to spur lending will help revive economic growth. Markets are closed today in the UK, Australia and New Zealand.

GBP

With markets closed for Easter Monday Bank holiday there is no recent data for the sterling.

USD

The US currency advanced versus the yen, euro, Swiss franc and Canadian dollar, extending gains since the Fed's March 18 move to cut its benchmark rate 0.75 percentage point to 2.25 per cent and the decision last week to allow more financial firms to borrow federal money. The dollar also rose after some analysts said the Group of Seven nations may take coordinated action in currency markets to counter the impact of a slowing US economy.

EUR

Trading in Europe was anaemic owing to the Easter holiday, although activity should pick up when US markets open.

JPY

Kenichiro Fujita, manager of derivatives marketing in Tokyo at Aozora Bank Ltd, Japan's ninth-largest publicly traded lender by assets commented that currency moves may be exaggerated because trading volumes are less than normal due to the Easter holiday.