22nd April

This Go Xchange newsletter contains information regarding the recent Pound (£), Euro (€), and Dollar ($) market movements and what to expect the week commencing Monday 22nd April.

Top Currency Pairs

Monday 22nd April 04:00 UTC

GBP/USD: 1.23820 (Last Week: 1.24620)

EUR/USD: 1.06619 (Last Week: 1.06525)

GBP/EUR: 1.16134 (Last Week: 1.16986)

Market News

British Pound

The British Pound tumbled against the Euro and the U.S. Dollar on Friday as investors rushed into safe-haven currencies following an escalation of the Middle Eastern conflict. Aside from tensions in the Middle East, UK investors were also parsing data which showed retail sales stagnated in March despite inflation easing, a reminder of the troubled state of the economy.

Euro

The Euro began last week on poor footing amid dovish commentary from European Central Bank policymakers, hampering the common currency. In fact, ECB’s President Lagarde suggested that interest rate cuts will likely come in June. This puts the ECB in the unusual situation of acting ahead of the Fed, which is expected to keep the Euro under pressure.

US Dollar

The U. S. Dollar fell slightly in Asian trade this morning but remained close to over five-month highs against a basket of currencies. The consolidative move comes as waning bets on a June rate cut boosted the dollar, especially after strong U.S. inflation readings and hawkish commentary from top Fed officials. Focus this week is on more cues on U.S. monetary policy, specifically from PCE price index data – which is the Fed’s preferred inflation gauge.

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Disclaimer: This is not investment advice; it is for informational purposes only.