Pound News: Sterling Buoyed as Support Outlook Remains Optimistic
The Pound soared today amid an upbeat market trade, recovering last week’s losses and rising near a one-month high against the US Dollar
Investors continue to find the Pound broadly appealing, amid expectations that Britain’s economic recovery will pick up more momentum.
Many major UK economic data releases are due for publication this week. For now, investors are anticipating Tuesday’s UK job market data from February, with more key data influencing Sterling throughout the week.
Euro News: Euro Mixed but Eurozone Vaccine Rollout Optimism Remains
After a strong performance last week on optimism over the EU’s vaccination rollout gathering momentum, the Euro is mixed today.
The risk-on mood and US Dollar weakness are supporting the single currency due to the negative correlation in the pairing, although the EUR/GBP exchange rate is tumbling as Sterling surges.
EUR investors are becoming more optimistic that the Eurozone’s coronavirus vaccination rollout is continuing to improve.
No notable Eurozone data will be due until later in the week, with the European Central Bank’s (ECB) April policy decision the main focus on Thursday.
US Dollar News: USD Slides as Global Sentiment Improves
The US Dollar has continued to be sold from its highs in recent weeks, as markets become more willing to take risks which is weighing on safe-haven demand for the ‘Greenback’.
In the absence of notable US economic data releases US Dollar movement will be driven by market sentiment, coronavirus developments and progress in President Joe Biden’s infrastructure spending plan.
Canadian Dollar News: CAD Struggles to Capitalise on Rising Market Sentiment
The Canadian Dollar fell today due to its correlation with the US Dollar, offsetting any benefit from risk-on trade and WTI crude prices holding above $63 a barrel.
As a result of weakness in the US Dollar and in commodity trade in recent sessions, the Canadian Dollar’s appeal has been limited, unable to hold its ground against the Pound’s recovery.
Australian Dollar News: Upbeat Market Sentiment Keeps ‘Aussie’ Buoyant
Global coronavirus recovery hopes are keeping market optimism high, and this is boosting currencies more correlated with risk like the Australian Dollar.
Tomorrow will see the publication of the Reserve Bank of Australia’s (RBA) latest meeting minutes report, which if the bank’s tone is more optimistic than expected, it could make the Australian Dollar even more appealing.
Tuesday 20th April
02:30 RBA Meeting Minutes
07:00 German PPI
07:00 UK Job Market Report
07:00 UK Jobless Claims