Steady Trading
GBP: The British Pound traded steadily as investors awaited important economic updates and political developments. A speech from Andy Burnham attracted attention but offered few policy details to influence markets. Comments from Bank of England Chief Economist Huw Pill reinforced concerns that inflation remains too high and warned against complacency. Attention now turns to UK GDP data, which could support the Pound if it confirms solid economic growth.
EUR: The Euro remained subdued as investors waited for fresh signals from European Central Bank officials. With inflation still above target but showing signs of easing, markets are looking for clues on the outlook for interest rates. Attention is now turning to Germany’s latest inflation figures, with further cooling in price pressures likely to weigh on the single currency in the near term.
USD: The US Dollar weakened as improving market sentiment reduced demand for safe-haven assets after tensions between the US and Iran eased. Investors are now focused on upcoming US economic data, including job openings and consumer confidence, for fresh clues on the strength of the economy. Stronger than expected figures could help the currency recover some ground later in the week.
If you would like to discuss your exchange rates, have any questions about the market or would like to learn more about how we could help, please get in touch.
T: +44 203 440 7550 | E: info@spectrumfx.co.uk | W: www.spectrumfx.co.uk
