Spectrum FX Daily Report

GBP: The British Pound was largely subdued yesterday, with fresh economic data in short supply. In fact, an ongoing lull on the British calendar saw BoE interest rate cut speculations pulled into focus once again. Investors and economists alike continue to mull over whether the central bank is likely to begin its monetary unwinding cycle in August or September.

EUR: The Euro held steady against the majority of its peers yesterday following the publication of better than expected Eurozone GDP data. The preliminary reading for the second quarter of the year reported that growth expanded by 0.3%. However, despite the upbeat reading, the Euro steadied in the wake of the release, as it hasn’t shifted expectations regarding a September interest rate cut from the European Central Bank.

USD: The U.S. Dollar edged higher yesterday following the latest?employment report. The data showed that a larger than forecast number of jobs were added by the US economy in May. However, with the Federal Reserve due to deliver its latest interest rate decision today, USD’s upside potential was somewhat limited, as surmounting Fed rate cut bets prevented any notable gains for the greenback.

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