13th May

Top Currency Pairs

Monday 13th May 04:00 UTC

GBP/USD: 1.23820 (Last Week: 1.24620)

EUR/USD: 1.06619 (Last Week: 1.06525)

GBP/EUR: 1.16134 (Last Week: 1.16986)

Market News

British Pound

The British Pound was bolstered by the release of higher than expected UK Gross Domestic Product figures on Friday as well as improved risk appetite. The UK economy expanded by 0.6% in Q1, surpassing forecasts and signalling the end of the nation's brief recession. Ultimately, this economic rebound represents the most robust growth seen in over two years.

Euro

The Euro has been relatively flat even though ECB policymakers noted that they will likely be in a position to cut interest rates in June as inflation in the Eurozone is on track to ease back to 2% next year. In turn, markets expect the ECB to cut its interest rate on June 6th despite the fact that the rate path beyond that is uncertain.

US Dollar

The U.S. Dollar steadied from recent swings as focus turned squarely to upcoming U.S. inflation data for more cues on interest rates. The CPI reading – due on Wednesday – will be in close focus, given that it is likely to factor into the outlook for U.S. interest rates. For now, while the U.S. economy seemingly cooled in recent months, inflation is still projected to remain sticky.

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