USD flexing its muscles
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The US dollar is in great demand as investors appear confident that US interest rates will stay higher for longer than those of other countries. The USDJPY rate is the highest it has been since 1990,?in spite of?stable Japanese inflation and a relatively positive purchasing managers index from Japan this morning. The GBPUSD rate is still sliding. This pair is down to $1.2335 In the interbank market, a downward trend that has been in place for a fortnight. The EURUSD rate is also down but not quite so convincingly. That pair is at $1.0645 this morning. We will see purchasing managers indices from the UK, EU and US today. The forecasts are generally quite positive but there will undoubtedly be some volatility as the various reports are published throughout the day. We will also have a significant number of central bankers speaking.
GBP EUR slipping
Happy Saint George’s Day, one and all. It isn’t a happy one for the pound, I am sorry to say. The pound has suffered at the hands of the euro over the last week. Last Tuesday this pair was trading at €1.1730 but is down to €1.1590 this morning. The silver lining is that this is great news for those looking to buy sterling. Due to the volume of euros in circulation, Europe's shared currency has taken on and degree of safe-haven status, edging the pound out in that regard. So, although this week the US dollar strength has been partially tracked by the euro, sterling hasn't followed suit. As mentioned above, today is awash with?Purchasing?Manager's Indices, all of which have the potential to move these exchange rates.?
Today's Major Economic Releases
07:30 EUR HCOB Composite PMI(Apr)
07:30 EUR HCOB Manufacturing PMI(Apr)?
07:30 EUR HCOB Services PMI(Apr)
08:00 EUR HCOB Composite PMI(Apr)
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08:00 EUR HCOB Manufacturing PMI(Apr)
08:00 EUR HCOB Services PMI(Apr)
28' GBP S&P Global/CIPS Composite PMI(Apr)
28' GBP S&P Global/CIPS Manufacturing PMI(Apr)
28' GBP S&P Global/CIPS Services PMI(Apr)
13:45 USD S&P Global Manufacturing
Interbank Exchange Rates