Data Elsewhere
GBP
The British Pound remained supported after stronger UK services activity signalled the economy returned to growth, reinforcing confidence in the resilience of the UK economy. With no major UK data due, the Pound is likely to take its lead from overseas developments and broader market sentiment. Weak economic data abroad could help the Pound strengthen further in the near term.
EUR
The Euro found modest support after business activity across the region returned to growth, suggesting conditions are improving. However, gains remained limited as confidence stayed cautious. Looking ahead, attention will focus on Germany’s factory orders and regional retail sales. Weaker than expected results could dampen sentiment, leaving the Euro vulnerable to pressure in the near term.
USD
The US Dollar weakened as improving market confidence reduced demand for the safe-haven currency, while softer economic data pointed to slowing momentum. Weak employment and services figures have raised expectations of another disappointing jobs report. If Friday’s payrolls data falls short of forecasts, the US Dollar could face further pressure as investors reassess the economic outlook.
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
