Top Currency Pairs
Monday 15th April 04:00 UTC
GBP/USD: 1.24620 (Last Week: 1.26303)
EUR/USD: 1.06525 (Last Week: 1.08334)
GBP/EUR: 1.16986 (Last Week: 1.16587)
Market News
Pound Sterling
The British Pound has been trading in mixed fashion lately, rallying against a basket of currencies and losing ground against others. Looking forward, market participants will pay close attention to tomorrow’s speech by Bank of England Governor Andrew Bailey. As there is no Bank of England decision due in April, tomorrow’s speech will serve as the link to the May meeting and offer him the chance to address the issue of potential rate cuts at the Bank.
Euro
The Euro has been on a free fall most of last week, crushed by the combination of a hawkish Federal Reserve and a dovish European Central Bank. In fact, the ECB indicated that if underlying inflation continues to slow as expected, there could be a consideration to lower policy rates in June; ultimately paving the way for a rate cut and increasing the divergence between the two central bank’s monetary policy.
U.S. Dollar
The U.S. Dollar was boosted by increased safe haven demand over the weekend following an escalation in the Middle-Eastern conflict, pushing the greenback to five-month highs against a basket of currencies. Moreover, the dollar was also buoyed by rapidly declining bets that the Fed will cut interest rates in the first half of 2024. This came on the back of strong inflation readings for March.
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Disclaimer: This is not investment advice; it is for informational purposes only.
