There was more woe for the pound after a RICS report showed house prices deteriorated to a 30-year-low last month, the worst reading since records began. The sterling was immediately sold off across the board, slumping to another series of lows against the other major currencies. Elsewhere, the price of crude oil traded at another all-time high overnight at over $114pb, as concerns continue to mount over the size of global oil reserves.

Sterling (GBP)
The pound hit another record low versus the euro, after a fall in a key house price index to a 30-year-low suggested that the downturn in Britain's housing market is quickening. The sterling was also stung by a fall in UK retails sales, which were significantly down last month, and also by the news that inflation in the UK may be coming under control.

US Dollar (USD)
The US dollar made moderate gains across the board buoyed by a slew of positive data including robust manufacturing and inflation data, which has helped fuel speculation that the Fed may have come to the end of its rate-cutting cycle.

Euro (EUR)
The euro fell briefly against the US dollar after the German ZEW sentiment data unexpectedly declined in April. Weighing on investors' minds was ever increasing price instability, which many of those questioned felt could derail the eurozone's strong performance. However the single currency layer recouped all of its losses as attention turned to the release of today's final inflation figure which is likely to again come in way higher than the ECB's two per cent target.

Japanese Yen (JPY)
The Japanese yen is on the back foot as traders and investors have started to show a renewed appetite for risk. The moves were spurred by improving equity markets and the reassuring effect of last weekend's G7 meeting.

Commercial Foreign Exchange Travelex Malta (Free phone: 800 733 22) www.travelex.com/mt