Spectrum FX Weekly Report

GBP: The British Pound snapped a three-day losing streak during the early Asian session this morning. However, in the absence of top-tier economic data releases from the UK this week, sterling is poised to follow global market dynamics. For now, investors are gaining confidence that the policy-easing cycle by the BoE will be gradual in the remainder of the year, which might support the British Pound.

EUR: The Euro lost a bit of ground across the board last week after the August eurozone consumer inflation release confirmed signs of slowing inflation. In fact, Eurozone CPI stood at 2.2% in August, a drop from 2.6% the prior month. Ultimately, as the ECB started cutting interest rates in June, a sharp drop in inflation could likely prompt policymakers to cut once more in September.

USD: The U.S. Dollar edged slightly higher on Friday and ended a five-week losing streak after GDP data showed the U.S. economy grew more than initially estimated in the second quarter.?However, the U.S. currency is still confirmed to have dropped roughly 2.5% in August, as investors factored in the Federal Reserve starting a rate-cutting cycle in September.

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