UK currency made a recovery despite caution awaiting today’s figures. The euro has also regained lost ground against a dollar that has slowed down after a hectic week of rallying against major currencies.
Pound Sterling – UK Markets
Sterling has recovered from Thursday’s lows against the dollar, rising 4% to trade at 1.622.
However investors remain cautious ahead of the release of data set to show a further deterioration in UK public finances.
US Dollar – US Markets
Demand for the dollar was limited this morning as the greenback traded at 0.618 against the pound and 0.695 versus the euro.
US currency is slowing down after an unbridled week of gains against the pound and the euro.
Euro – European Markets
The euro managed something of a recovery in overnight trading, adding 0.3% against the US Dollar to trade at 1.437.
The single currency currently trades against the pound at 0.889 although markets are awaiting UK data later in the day which could affect the pair.
Other Currencies – Highlights
The yen fell to 129.69 per euro and 90.09 per dollar after the Bank of Japan said it won’t tolerate price declines, spurring speculation the central bank will keep interest rates near zero.
Elsewhere the Swiss franc has climbed as much as 0.7% to 1.49 against the euro.
BoE less likely to increase interest rates in May
UK’s CPI figure in spotlight, as the Pound value drops
Sterling slumps after lower than expected CPI results