Daily Currency Update
Over the past 24 hours, GBP/USD has increased in value as the dollar has declined following Friday's strong jobs data. Yesterday, it looked like the pair might fall to 1.26, but this morning it reached around 1.2665 due to a weaker dollar in the financial markets. There hasn't been any significant data released in the UK so far this week, so we'll have to wait until Friday morning's monthly GDP number to see if any domestic stats could affect the value of the pound. February's growth is expected to be 0.1% compared to January. However, it's worth noting that there will likely be plenty of external releases before Friday that could cause some market volatility. GBP/USD sits at 1.2655, and GBP/EUR is at 1.1655.
Key Movers
Yesterday, German Industrial Production for February surpassed expectations by a significant margin, showing a growth of 2.1% compared to January. This marks the biggest increase in 12 months and could potentially indicate that the economic challenges faced by the eurozone's powerhouse may be easing. Apart from this development, there has been little noteworthy financial news from either the eurozone or the US, with the latter preoccupied with yesterday's solar eclipse. However, tomorrow is expected to see the release of the much-anticipated US Consumer Price Index numbers for March. Analysts predict a rise from 3.2% to 3.4%, and we may see some market volatility when the figure is confirmed at 1:30 pm. As of now, EUR/USD is trading at 1.0855.
Expected Ranges
- GBP/USD: 1.2575 - 1.2685 ▲
- GBP/EUR: 1.1625 - 1.1710 ▼
- GBP/AUD: 1.0820 - 1.0900 ▲
- EUR/USD: 0.6560 - 0.6635 ▲
