Euro Finds Some Support

GBP: The British Pound found support on Friday, thanks to the hawkish comments by Bank of England Chief Economist Huw Pill, who indicated that the first cut in the key interest rate is still a considerable distance away. Additionally, the recent risk-on rally in global equity markets provided added support to the British Pound. There are no significant market-moving data releases scheduled for today with the market looking towards Chancellor Hunt’s budget announcement on Wednesday.

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EUR: The Euro experienced some gains at the end of last week, benefiting from the widespread selling pressure on the US Dollar. The highlight in terms of European economic data is Sentix Investor Confidence data for the month of March in today's trading session. Furthermore, the European Central Bank is set to announce its monetary policy decisions on Thursday.

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USD: The U.S. Dollar has stabilised after recent losses as the market awaited further guidance on U.S. interest rates from the Federal Reserve and key payrolls data this week. Speculation surrounding interest rates has focused attention on an upcoming testimony by Fed Chair Jerome Powell, where analysts anticipate him to largely reiterate that interest rates will remain stable in the near term.

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