The major currencies stayed locked within recent ranges as the economic data released failed to shed any new light on growth prospects for the months ahead. Elsewhere, the price of oil rose yet again, ending the day over $136 per barrel as data revealed a decline in US reserve stocks, adding to the pressure on the world's largest economies.

Sterling (GBP)

The pound continued its slow decline against the dollar as important economic figures released placed further strain on the British economy. Weaker than expected jobless data and trade deficit numbers served to reinforce the view that the UK is in the grip of stagflation and consequently kept the pound on the back foot. The sterling was nevertheless able to make some inroads into the euro, although this can be primarily attributed to comments from European officials.

US Dollar (USD)

The release of the much anticipated Federal Reserve "Beige Book", revealed that much of the US saw weak economic growth in April and May while living costs increased. The dollar initially showed little reaction to the data, which underscored US economic weakness, but ended the day lower versus the euro on the prospect of eurozone interest rate rises.

Euro (EUR)

The single currency remains well supported on the exchanges as traders continue to price in a probable interest rate hike at the start of next month. French inflation rose by 0.6 per cent as rising food and energy costs continued to drive prices upwards.

Japanese Yen (JPY)

Japan's growth was revised upwards to one per cent for Q1, although most analysts believe that growth will slow in Q2 as global problems and surging raw material costs inevitably begin to bite.