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12th February

  • ben15599
  • Feb 12, 2024
  • 2 min read

Top Currency Pairs

Monday 12th February 04:00 UTC

GBP/USD: 1.26287 (Last Week: 1.26119)

EUR/USD: 1.07916 (Last Week: 1.07789)

GBP/EUR: 1.17024 (Last Week: 1.17006)


If you would like to book in a forward contract to reduce market volatility, please speak with your account manager or contact the team at +44 20 3908 4662 - info@goxchange.co.uk


Market News

Pound Sterling

The British Pound remains well supported and the coming week’s heavy economic calendar could offer a further boost if the data confirms the UK economy picked up steam at the start of the year. In fact, inflation, wages, GDP, and retail sales data will be closely monitored and should the data beat expectations, markets would expect rate cut bets to reduce further, leading to increased sterling upside.


Euro

The Euro has been suffering from rising bets that the European Central Bank will start cutting interest rates at the start of the second quarter. In fact, the bets were reaffirmed by a fall in German inflation, which eased to the 3.1% YoY in January from the 3.8% in the previous month. Moving ahead, investors now look to the first estimate of the fourth-quarter GDP growth figures from the Eurozone due for release on Wednesday.


U.S. Dollar

The Dollar remains 2024's top-performing currency, but it has lost some impetus of late as investors await a slew of cues on U.S. interest rates this week. CPI data for January is due tomorrow and is expected to show some easing in inflation. However, price pressures are still expected to remain relatively sticky, with the core CPI print in particular set to remain well above the Federal Reserve’s 2% annual target – a scenario that gives the Fed more impetus to keep rates higher for longer.


If you require alternative currency pair updates, please get in touch and we can arrange for a personalised weekly newsletter. For other FX enquiries, or to book a demo, please call us on 020 3908 4662, or email us at info@goxchange.co.uk


Disclaimer: This is not investment advice; it is for informational purposes only.


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