Pound Sterling

Pound Steady as UK Lockdown Eases

Pound News: Sterling Steady as UK Lockdown Eases

The Pound has held steady for much of the day following the latest lockdown easing across many parts of the UK. The third stage of the roadmap out of lockdown in England has seen indoor hospitality including pubs and restaurants reopen.

However, investors are becoming increasingly concerned over a spike in the number of Indian coronavirus variant cases, which has limited GBP gains.

Looking ahead, the Pound could strengthen tomorrow in response to UK employment data, with the unemployment rate forecast to have remained steady at 4.9% in March.

Euro News: Euro Supported by US Dollar Weakness

The Euro has been supported today despite a lack of notable data from the Eurozone as a broad weakness in the US Dollar helps to push the single currency higher.

Euro investors will focus on the second estimate GDP growth rate from the Eurozone for Q1 tomorrow, which is forecast to confirm that growth contracted -0.6% as much of the bloc battled a third wave of coronavirus.

US Dollar News: US Dollar Mixed on Lacklustre US Retail Sales

The US Dollar has been mixed against many of its major rivals today as a stagnant retail sales reading from the US at the end of last week weighed on the ‘Greenback’.

The US Dollar has shed most of its inflation-driven gains and struggled for direction during today’s session, although a risk-off mood has limited USD losses.

Canadian Dollar News: CAD Strengthens on Higher Oil Prices

The Canadian Dollar has ticked higher today as WTI crude prices rose by over 1%, boosting the commodity-correlated currency.

Australian Dollar News: ‘Aussie’ Weakens on Risk-Off Mood

The Australian Dollar has dipped today as a risk-off mood has left the ‘Aussie’ vulnerable to losses.

Investors will be awaiting the latest Reserve Bank of Australia (RBA) meeting minutes to be released tomorrow morning, if the bank maintains its cautious optimism AUD exchange rates could stem some of their losses.

Upcoming Data

Tuesday 18th May

02:30    AU RBA Meeting Minutes

07:00    UK Unemployment Rate (Mar)

10:00    EU Employment Change QoQ Prel (Q1)

10:00    EU GDP Growth Rate QoQ 2nd Est (Q1)

Wednesday 19th May

01:30    AU Westpac Consumer Confidence Index May

07:00    UK Inflation Rate YoY (Apr)

10:00    EU Inflation Rate YoY Final (Apr)

13:30    CA Inflation Rate YoY (Apr)