US Dollar recovers from EU-US tariffs delay sell-off
Daily Currency Update
Sterling has climbed to two-month highs above 1.19 as traders reassess the Bank of England’s monetary policy outlook following last week’s UK inflation and retail sales data. The euro remains under pressure amid signs of economic slowdown and weaker investor sentiment, despite some support from the EU-US tariff delay. Market focus now turns to German retail sales data due later on Friday.GBP/USD maintains a rate above 1.35 after the USD recovered from the EU-Tariff delay drama with the pairs correction. Sentiment continues to be positive as the US Dollar has growing fears over the United States debt concerns, with the new Senate bill expected to close to $4bn to the deficit.
Key Movers
US Dollar recovers from EU-US tariffs delay sell-off ahead of the US economic data and the Senate tax debate despite pressure from trade and fiscal uncertainty, reversing Fridays gains which took GBP/USD to a 3 year high. US durable goods orders and consumer sentiment data which is released later today will offer a view on the impact of tariffs on US consumers.Expected Ranges
- GBP/USD: 1.3520 - 1.3540 ▲
- GBP/EUR: 1.1920 - 1.1950 ▲
- GBP/AUD: 2.0940 - 2.0980 ▲
- EUR/USD: 1.1340 - 0.1346 ▲