Better than expected jobs data provided the US dollar with yet another boost as markets interpreted the data as a sign that this week's non-farm payrolls report may also exceed expectations. However, the greenback's gains were capped by the rising price of crude oil, which snapped its losing streak. Thus far in July, oil prices had dropped by some 10 per cent from a peak of around $147 per barrel.

Sterling (GBP)

The sterling hit a three-week low against the US dollar as the greenback continued its recent good streak bolstered by better than expected jobs data. In contrast to the dollar, the pound has come under persistent selling pressure as economic data continues to paint a gloomy picture of the UK economic prospects.

US Dollar (USD)

The US dollar gained across the board following an ADP jobs report that showed a surprise increase in jobs of 9,000 during the month of July - far exceeding forecasts of a 60,000 decline. Trade is likely to focus on the first estimate of Q2 GDP, with economists forecasting an annualised rate of growth of two per cent.

Euro (EUR)

The single currency remains under pressure as economic data continues to paint a picture of a deteriorating economy. News that eurozone economic sentiment tumbled to a new five-year low in July was consistent with a recent string of dismal economic reports from the 15-member bloc, which have helped weaken the euro against the dollar as well as the pound.

Japanese Yen (JPY)

Japan's industrial output declined by two per cent during June, adding to fears that the country could be heading into a recession. The government confirmed that output was softening; having previously said that it was generally flat.