Spectrum FX Daily Report

GBP: The British Pound edged higher this morning as the UK’s Office for National Statistics has reported stronger than expected Retail Sales data for May. The report showed that monthly Retail Sales rebounded, growing at a robust 2.9%, more than the 1.5% expected. Looking elsewhere, the BoE kept interest rates steady at 5.25% yesterday, in a 7-2 vote split, as expected.

EUR: The Euro struggled to attract investor support yesterday following the release of the latest German producer price index data. Looking forward, today's agenda is quite rich with announcements of preliminary data on the course of the services and manufacturing sectors in the Eurozone. Some surprise could affect the exchange rate and see increased volatility on the last day of the week.

USD: The U.S. Dollar is wavering this morning following the release of yesterday's?latest US jobs data. Moreover, a data-light morning leaves the greenback relatively flat against its major rivals. Moreover,?shifting Federal Reserve interest rate cut expectations seem to?hamper further dollar strength. In fact, the CME Fed Watch tool shows an increased likelihood of a September interest rate cut following a dismal batch of US retail data this week.

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