Pound Finds Support

GBP: The British Pound appears to be gaining strength against other currencies due to positive remarks from Bank of England Governor Andrew Bailey. However, the market still anticipates the first rate cut to occur in the August meeting. Nevertheless, the timing of the easing cycle will be influenced by incoming data.

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EUR: The Euro continues to face challenges, potentially driven by renewed market caution. Investors are preparing for potential volatility surrounding the upcoming release of Eurozone PMI data scheduled for tomorrow. In this context, ECB President Christine Lagarde highlighted the importance of wage data in determining the timing of monetary easing measures.

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USD: The U.S. Dollar retreated as investors await further signals from the Federal Reserve regarding the direction of interest rates. Attention is particularly on the release of minutes from the Federal Reserve's late January policy meeting, as markets seek any indications about the potential path of U.S. interest rates.

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