Spectrum FX Weekly Report

GBP: The British Pound’s recovery attempts faded in the face of limited market-moving events from the UK and weakened against the U.S. Dollar for the fourth consecutive week. Looking forward, market participants will pay close attention to the UK’s general elections?which will be held on Thursday. This event is likely to trigger some volatility on the British Pound.

EUR: The Euro has regained upside traction and seems to have reacted positively to the far-right sweep in yesterday’s first round of the French snap election. However, Marine Le Pen’s National Rally won the first round of France’s legislative election with a smaller margin than some polls had indicated, making it less likely the far right would secure an absolute majority.

USD: The U.S. Dollar retreated amid some growing bets on an interest rate cut, extending losses from Friday after PCE price index data showed some mild easing in inflation. In fact, the reading saw investors increase their bets that the Federal Reserve will cut rates by 25-basis points in September. Focus this week was squarely on more signals from the Fed as well as Friday's Non-Farm Payrolls data.

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