Spectrum FX Daily Report

GBP: The British Pound is trading sideways against the majority of its peers as a lack of domestic data leaves Sterling struggling to find a direction this morning. Looking forward, the British Pound could face headwinds later this week with the release of the UK’s latest GDP figures. In fact, economists forecast UK economic growth will have slowed in February.

EUR: The Euro has been relatively flat as market participants await Thursday’s ECB meeting. The European Central Bank is widely expected to keep interest rates unchanged at its April policy meeting. In fact, investors will be looking for any clues about the pace of the easing cycle once it begins as markets believe there is a greater than 90% chance of an ECB cut in June.

USD: The U.S. Dollar moved little in Asian trade after clocking some overnight losses. However, investors still remained largely biased towards the greenback ahead of more signals on U.S. interest rates this week. Inflation data for March is due tomorrow and is widely expected to show inflation remaining comfortably above the Fed’s 2% annual target, giving the central bank little impetus to begin trimming rates early.

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