Spectrum Daily Report

GBP: The British Pound struggled to capitalize on yesterday’s modest gains, continuing its relative underperformance in the wake of market conviction that the Bank of England might accelerate its rate-cutting cycle. Looking forward, as UK data remains thin, market participants await tomorrow’s Bank of England Monetary Policy Report Hearings, followed by Friday’s GDP figures.

EUR: The Euro wobbled during yesterday’s trading session as a lack of EU data left the bloc’s single currency directionless. For now, the Euro has lost over 2% against the U.S. Dollar since reaching a multi-year peak in late September. Looking forward, the European Central Bank is set for another rate call next week, leaving the economic calendar largely clear of pan-EU data until then.

USD: The U.S. Dollar?moved little in Asian trade, steadying near a seven-week high hit on Monday. Looking forward, the minutes of the Fed’s September meeting – where the central bank had cut rates by 50 bps – are due later today, offering up more cues on the central bank’s plans. Moreover, inflation data for September is due later this week, and is also likely to factor into the Fed’s outlook.

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