Sterling's resurgence continued following positive public finance and retail sales figures, while the euro fell to 12 week lows against the pound and one year low against the greenback as it continues to be plagued by uncertainties surrounding Greece's sovereign debt rating. In the US, pending home sales rose by 6.8 per cent in March. As well as this US jobless claims and producer prices data came in broadly line with expectations, affirming the view that the US economy is remaining on a steady path to recovery.

Sterling

The pound continued its resurgence and touched upon the dizzy heights of a 12-week high against the euro. This was driven predominantly by euro weakness related to the Greek debt crisis which has almost constantly plagued the euroZone this year. In addition, the pound was supported by a run of positive data including UK public finances which deteriorated less than expected.

US Dollar

The dollar was supported by positive data released in the US. Coupled with the well documented problems in the eurozone, the dollar rose to a near one-year high against the euro. Data revealed that US existing home sales rose by 6.8 per cent in March, moreover, US jobless claims and producer prices data came in broadly line with expectations, affirming the view that the US economy remains on a steady path to recovery. Elsewhere, the price of gold fell as the dollar rose against the euro.

Euro

The euro remained on the back foot and capitulated to a near 1 year low against the dollar and a 12-week low against the pound. The recurrent theme of Greece's financial instability continued to grab investors' attention to the detriment on the single currency.

Japanese Yen

The Japanese yen experienced some late-day upheaval in last night's trading after credit rating agency, Fitch, downgraded Japan's sovereign debt rating. There were no economic data releases overnight, however Asian equity markets are mostly trading lower which has helped to provide some underlying support for the safe haven currency.