Pound Sterling

Sterling Buoyed by UK Economy Gradually Reopening

Pound News: Sterling Steadies Following Last Week’s Selloff

The Pound saw significant losses across the board last week, as investors sold the British currency from its best levels in profit taking. However, Sterling’s selloff slowed as the currency’s outlook is still strong overall.

This week, more parts of the UK economy including bars and non-essential retail reopened, leading to another jump in Pound demand this morning.

Tomorrow will see the publication of a slew of key UK data from February. In particular, UK GDP growth rate results could be highly influential as forecasts point toward a positive 0.6% reading for February, up from January’s -2.9% fall.

Euro News: EUR mixed despite Eurozone Retail Sales Beating Forecasts

Today’s Eurozone retail sales figures came in higher than forecast at 3% for February, beating expectations of a 1.5% increase, and boosting the Euro’s support to help it limit losses today.

Market sentiment for the Eurozone’s coronavirus outlook is gradually improving. However, the Eurozone outlook is still gloomier compared to the UK and US outlooks, limiting Euro appeal.

Tomorrow will see the publication of the Eurozone’s latest economic sentiment stats from ZEW, which could boost Euro support as the index is expected to refresh a one-year high.

US Dollar News: USD Movement Slows as Markets Await Key Data

The US Dollar saw a sharp selloff last week. Higher market sentiment and a dovish Federal Reserve prompted investors to sell the US currency from its best levels amid risk-on trade.

Movement in USD has steadied for now however, with investors holding ground on the US currency as they await major US data, including US inflation rate and retail sales results.

Canadian Dollar News: CAD Strength Persists on Strong Economic Outlook

The Canadian Dollar’s movement was mixed at first last week, but the currency found a surge in demand as Canada’s latest job market report came in much better than expected, falling to 7.5% from 8.2%.

Stronger commodity prices have also been supporting the trade and commodity-correlated Canadian Dollar in recent sessions.

No notable Canadian data will be published tomorrow. However, CAD could be influenced by key manufacturing and sales data later in the week.

Australian Dollar News: Australia’s Vaccine Rollout Dampens AUD

The Australian Dollar was boosted by higher market sentiment last week, but concerns surrounding the AstraZeneca vaccine are weighing on Australia’s vaccine outlook, which is dampening AUD demand today.

Australian new home sales from HIA and business confidence stats from NAB are due tomorrow. Meanwhile, investors will continue to closely watch Australia’s vaccine situation as well of course.

Upcoming Data

Tuesday 13th April

01:00    Australian NAB Business Confidence

07:00    UK Trade Balance

07:00    UK Industrial and Manufacturing Production

07:00    UK Growth Rate

10:00    ZEW German and Eurozone Economic Sentiment

11:00    US NFIB Business Optimism

13:30    US Inflation Rate