Sterling hit a one-month high against the euro and peaked at its highest level in two weeks against the dollar, as traders covered extreme short positions in the UK currency. The dollar retreated from a three-month high against the yen and fell against the euro after data showed the United States unexpectedly shed jobs in March, sparking concerns about the pace of recovery.

Sterling

The pound made healthy gains against the dollar, extending its rally for a fourth successive day. It also posted its highest reading against the euro in four weeks as sterling continued to benefit from the upward revision of the Gross Domestic Product for Q4.

US dollar

The dollar dropped against most of its trading counterparts after the ADP report showed a loss of 23,000 jobs in March, confounding expectations for a rise of 40,000. While the data dampened some of the market's optimism ahead of the government payrolls data, it may not be a very good indicator.

Euro

The euro edged towards its highest level for a week against the dollar, boosted largely by profit taking and position squaring due to month and quarter-end. However, some traders have warned that the eurozone fiscal worries are likely to limit further gains.

Japanese yen

The yen fell against all of its major counterparts, touching an eight-week low versus the euro, as signs the global economic recovery is gathering steam dampened demand for Japan's currency as a refuge.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.