Top Currency Pairs
Monday 18th March 04:00 UTC
GBP/USD: 1.27275 (Last Week: 1.28061)
EUR/USD: 1.08857(Last Week: 1.09271)
GBP/EUR: 1.16919 (Last Week: 1.17186)
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 was on the back foot following Friday’s release of Consumer Inflation Expectations which rose by 3%. This data prompted markets to increase their wagers on a Bank of England rate cut in June, exerting some pressure on the British Pound. Looking ahead, investors are expected to closely monitor several market indicators including the Consumer Price Index, Producer Price Index, and Retail Price Index, all due tomorrow.
Euro
The Euro has benefited from a run of better than expected readings of late. Moreover, the bloc’s single currency has been support by the ECB’s recent decision to keep borrowing costs at record highs at its March meeting. However, policymakers indicated they were discussing a first rate cut. Looking forward, the Eurozone Harmonized Index of Consumer Prices and Trade Balance are due today. Whereas the ZEW Survey from Germany and the Eurozone will be released tomorrow.
U.S. Dollar
The U.S. Dollar steadied near two-week highs as focus turned squarely to the Federal Reserve’s meeting on Wednesday. While the Fed is widely expected to keep rates unchanged, any signals on its plans for interest rate cuts in 2024 will be closely watched. However, the central bank may also strike a more hawkish chord than markets are hoping for, especially as recent data showed stickier than expected inflation in February.
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Disclaimer: This is not investment advice; it is for informational purposes only.
