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2nd May

Top Currency Pairs Tuesday 2nd May 04:00 UTC GBP/USD: 1.24977 (Last Week: 1.24724) EUR/USD: 1.09843 (Last Week: 1.10413) GBP/EUR: 1.13778 (Last Week: 1.12961) Market News

Pound Sterling Sterling is set for another quiet week with little economic data being released. With this lack of information, GBP is on thin ground and any GBPEUR movement will be driven by the common currency, similar to last week. UK PMI could prompt some volatility if it differs from initial estimates. The pound has opened this morning slightly lower against both USD and EUR but is likely to see an increase in volatility on both Wednesday & Thursday.


Euro The Euro is likely to see an increase in trading volatility this week, with multiple economic data releases planned, as well as the European Central Bank delivering its next interest rate decision. The market expects the ECB to raise rates by 25-basis points but will focus on the ECB’s forward guidance. Economists also expect Euro Zone inflation to hold steady, above ECB targets, which could result in a stronger Euro. The Euro has started the trading session stronger against both GBP & USD.


U.S. Dollar The Dollar is also expected to see increased volatility early this week, as both US Employment numbers & the FED’s Interest rate decision are planned to be announced tomorrow. Whilst the market has already priced in the possible 25bps rate hike, investors will keep a keen interest in Jerome Powell’s speech as he touches on the FED’s roadmap for tackling US Consumer Price Index.


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