The yen eased against the dollar and euro yesterday in a pause from the previous session’s rally on expectations for a near-term end to the Bank of Japan’s ultra-easy monetary policy. The euro was supported by upbeat business climate data that cemented predictions for a European Central Bank interest rate rise expected tomorrow.

Sterling dipped against the euro and held steady against the dollar yesterday after data showed UK house prices fell in February for the first time in eight months after a strong start to the year. The average price of a British home fell 0.2 per cent after a robust 1.5 per cent rise in January, taking the annual rate of increase down to 3.7 per cent from 4.4 per cent, according to figures from the Nationwide building society.

In this scenario, the Maltese lira gained against all major currencies except the sterling and the Canadian dollar.