Spectrum FX Daily Report

GBP: The British Pound appears to have gained some modest support yesterday off the back of British Retail Consortium’s sales monitor for March. The monitor rose to 3.2%, surpassing forecasts of 1.8% and accelerating from February’s one year low of 1%. Looking forward, an ongoing lack of notable UK releases may see Sterling trade in a wide range ahead of the UK’s latest GDP report, due for release on Friday.

EUR: The Euro was mostly subdued against the majority of its rivals yesterday amid a lack of notable releases in the Euro area. In fact, market participants stand reluctant to place any aggressive bets on the bloc’s single currency as they await tomorrow’s ECB meeting. As policymakers begin to position themselves for the next meeting, markets speculate whether a dovish pivot could be on the cards.

USD: The U.S. Dollar was little changed this morning as investors remain cautious ahead of U.S. inflation data to be released later today. The reading is expected to show that inflation remained sticky in March – a trend that gives the Federal Reserve less impetus to begin cutting interest rates. It also comes on the heels of a blowout nonfarm payrolls report, which further points to a hawkish Fed.

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