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2nd April

Top Currency Pairs

Tuesday 2nd April 04:00 UTC

GBP/USD: 1.25418 (Last Week: 1.26598)

EUR/USD: 1.07301 (Last Week: 1.08582)

GBP/EUR: 1.16884 (Last Week: 1.16592)


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 has been on the back foot lately as the Bank of England’s dovish stance in its latest monetary policy statement has exerted some pressure. In fact, the BoE Governor Andrew Bailey said that market expectations for two or three rate cuts this year was “reasonable,” while adding that the UK central bank is not seeing a lot of sticky persistence. Ultimately, these comments increased expectations for the BoE to cut interest rates in June.


Euro

The Euro lost further ground yesterday as thin trading conditions made it difficult for the bloc’s single currency to gather momentum on Easter Monday. Looking at the economic calendar, today's inflation data from Germany will be closely watched, which will precede tomorrow's Eurozone-wide release. For now, inflation in the Eurozone is comfortably trending towards the ECB’s 2% target, allowing for the central bank to cut rates in June.


U.S. Dollar

The U.S. Dollar hovered near a multi-month peak against major peers this morning as investors rushed to push back bets for the Federal Reserve's first interest rate cut this year. In fact, the Dollar renewed a six-week high versus the Euro and was on the cusp of doing the same against the British Pound, after yesterday’s U.S. data unexpectedly showed the first expansion in manufacturing since September 2022.


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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