The pound was the biggest mover, shrugging off a second successive declining retail sales figure and posting strong gains. Also weighing on the US dollar was the continuing surge of crude oil which added to the already unstable US economy.

Sterling (GBP)

The pound was given a significant boost by economic data which showed UK consumer spending is not falling as rapidly as feared. Separate data also showed that industry's producer prices continue to hit new records. This combination of data releases have further diminished the chances of a rate cut in June, thereby supporting the pound.

US Dollar (USD)

The dollar rose against the minor currencies and the Japanese yen, boosted by better than expected jobless claims data, but support remained fragile as record high oil prices stoked worries about the heath of the US economy. Against the pound the greenback was hit hard as these fresh oil highs and stronger than expected UK data pushed cable to a month high.

Euro (EUR)

The recent strong euro has prompted concerns that eurozone exports are becoming less competitive as their prices rise. The euro came off one-month highs against the US dollar, but the dollar continues to come under pressure.

Japanese Yen (JPY)

Data from Japan was mixed with the merchandise trade balance narrowing and the all industry activity index increasing. The rise in oil boosted the country import bill but at the same time, it has yet to stifle the Japanese economy. As a major importer of oil, Japan is very vulnerable to the rise in crude, but data suggests that higher energy prices have not had a material impact on the Yen.

Commercial Foreign Exchange Travelex Malta, freephone: 800 733 22, www.travelex.com/mt/