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8th April

  • ben15599
  • Apr 8, 2024
  • 2 min read

Top Currency Pairs

Monday 8th April 04:00 UTC

GBP/USD: 1.26303 (Last Week: 1.25418)

EUR/USD: 1.08334 (Last Week: 1.07301)

GBP/EUR: 1.16587 (Last Week: 1.16884)


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 subdued at the end of last week as a lack of UK economic data left the currency rudderless. In fact, with no fundamental drivers, Sterling wavered in a wide range and lost ground against its peers. Looking forward, the British Pound starts the new week under pressure as markets are betting that the Bank of England could cut borrowing costs as soon as June given signs that inflation is coming to heel.


Euro

The Euro continues to trade on the back foot as pressure is mounting on the ECB to cut elevated interest rates as economic growth remains anaemic and inflation continues to decline towards target. However, Thursday’s ECB monetary policy meeting is almost certain to conclude with no change in interest rates. Nevertheless, prominent governing council members have been vocalizing their preference for June as the appropriate meeting to start a managed rate cutting cycle.


US Dollar

The U.S. Dollar rallied on Friday and steadied in early European trade this morning as a blowout nonfarm payrolls report saw investors sharply scale back expectations that the Federal Reserve will cut interest rates in June. Looking forward, inflation data for March as well as the minutes of the Fed’s March meeting are due on Wednesday. Both are expected to provide more cues after a slew of officials warned that the bank was in no hurry to trim rates.


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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