Market report: dollar drops but stays near multi-month highs

USD The dollar advanced against all major rivals yesterday ahead of Federal Reserve Chairman Jerome Powell’s address. It went on to lose a little ground overnight, but remains near multi-month highs. Much like last week’s announcement, in which the Fed signaled a rate increase could happen sooner than expected, Powell acknowledged that some inflation pressures […]


Market report: pound looking to recover losses

GBP Sterling recovered slightly against the euro and dollar yesterday despite last week’s market sentiment shift towards risk-off. With a pretty quiet economic calendar so far this week, it’s difficult to identify a main reason for the move. It could just be a general shift in risk sentiment or investors may be pricing in a […]


Market report: inflation data boosts pound vs euro

GBP The pound reached its highest level against the euro since early April yesterday, following strong UK inflation data earlier in the week. This coincided with a EUR/USD sell off fueled by a hawkish comments at the US Federal Reserve’s rate conference. The Fed suggested there could be two rates hikes as early as 2023. The first rise wasn’t expected until 2024. This […]


Market report: inflation data eases pound’s woes

GBP The pound rose against the dollar this morning after inflation data beat expectations. UK inflation jumped to 2.1% in May, far better than the expected 1.8% and a healthy growth from April’s 1.5%. GBP/USD had been at a one month low yesterday. However, there’s a feeling among economists this spike is temporary, similar to […]


Market report: dollar falls as job numbers miss the mark

USD The dollar fell against the euro and pound on Friday afternoon after softer than expected employment numbers. Despite forecasts of 650,000, US Non-Farm payrolls (NFP) only hit 559,000 in May, rising from 278,000 in April. Non-farm payrolls cover the 80% of the US workforce employed in manufacturing, construction and goods. Many analysts expected a significant NFP rebound to show a […]


Market report: dollar worst major currency of the quarter

USD The dollar is now this quarter’s worst performing major currency. This is in stark contrast to the euro, the strongest performer, which is up around 4% against the dollar. Several factors are weighing on the dollar. Investors still believe the US Federal Reserve’s insistence it will not taper its bond-buying operations anytime soon, even if inflation rises above […]


Market report: pound holds strong against dollar

GBP Strong economic data and growing confidence that all restrictions could be lifted by June 21st sees the pound continuing to perform well against most major currencies. Nowhere is this clearer than against the dollar, where the pair reached an almost three year high on Friday.  Friday’s retail sales data came in well above expectations at 9.2% after non essential shops […]


Market report: dollar drops back to multi-month lows

USD The dollar dropped back to near multi-month lows yesterday. This followed a brief bounce on Wednesday caused by the release of US Federal Reserve meeting minutes which suggested tapering government bond purchases if the pandemic recovery continued.  Now it seems the market has judged the Fed will take its time to taper, needing to see sustained positive data […]


Market report: pound falls despite upbeat inflation data

GBP Sterling fell against the euro and dollar on Wednesday despite UK inflation data beating expectations. According to data released by the Office for National Statistics (ONS), Consumer Price Index (CPI) inflation year on year surpassed expectations of 1.4% to read 1.5%. While the month on month figure met expectations to read 0.6%. Both readings […]


Market report: US could be forced into rate hike

USD Highly anticipated US inflation data was released yesterday. This was of great interest to investors who had grown increasingly nervous about growing inflationary pressures at home and abroad.  It wasn’t good news. Data showed the inflation rate jumped to a 13-year high. And it was a similar story for core inflation, which rose by 0.9%, the highest […]


Market report: pound stays strong against dollar

GBP Sterling’s recent gains against the dollar continued yesterday, ending a third consecutive day at multi-week highs.  The rally was mainly down to persistent dollar weakness and a vague sense of political calm. Encouraging news regarding the pandemic is also having an impact. Covid cases are dropping rapidly and lockdown restrictions are easing further this Monday, both boosting the pound. This […]


Market report: pound hits two month high vs dollar

GBP The pound hit a two month high against the dollar yesterday, up 1.1%, as upbeat economic forecasts and an easing lockdown mixed with dollar weakness to bolster the pound. The dollar has struggled over the last few days following Friday’s disappointing job numbers. This is in contrast to the pound where further re-opening of the UK services sector is expected to […]


Market report: dollar drops after job numbers miss the mark

USD The dollar fell to its lowest level in over two months on Friday. This is after April jobs data came in well below expectations, dampening hopes that a surging economic recovery would spur higher interest rates. Non-farm payrolls increased by only 266,000 jobs last month, miles from the 978,000 predicted. The number was so off, […]


Market report: Bank of England upgrades growth forecast

GBP Sterling gave up earlier gains against both the euro and dollar yesterday. This followed the Bank of England (BoE) stating it needed clear evidence of an economic recovery before tightening monetary policy. The move mirrored recent decisions in the United States, with the Federal Reserve taking a similar stance. A sell off in sterling soon ensued, with investors underwhelmed […]


Market report: Independence referendum fears halt GBP

GBP Sterling struggled to make any significant headway against both the euro and dollar on Tuesday. The current lack of demand could be down to next week’s Scottish parliamentary elections. Investors are acting cautiously as the Scottish National Party (SNP) remain favourites to secure a majority. The SNP will likely push for another independence referendum, volatility that won’t […]


Market report: Dollar recovers from eight week low

USD The dollar recovered from an eight week low against the euro yesterday and gained against many of its peers. This came after investors consolidated their positions ahead of Wednesday’s Federal Reserve meeting. The market is now looking for clues from the Fed on whether they will taper policy for later in the year. Fed […]


Market report: pound rallies against dollar & euro

GBP Sterling was the best performing currency on Monday, rallying close to 1% against the euro and just over 1% against the dollar. Investors have struggled to pin the pound’s recent decline on one single factor and a clear reason for sterling’s appreciation yesterday is equally illusive. Instead, it seems a combination of factors are at play. Seasonality is […]


Market report: USD drops to four week lows

USD  The dollar dropped to four-week lows versus other major currencies yesterday. Treasury yields pulled back from last month’s surge and investors are increasingly convinced the US Federal Reserve will keep interest rates low for the foreseeable.  Many investors remain nervous the Fed could change its tone later this year. Especially if inflation readings swing much higher […]


Market report: US budget deficit hits record highs

USD March’s US budget deficit hit a record monthly high of $660 billion, it was revealed yesterday. This is the third highest US monthly deficit on record. This followed the distribution of the Biden administration’s latest stimulus package. The deficit for the first six months of the 2021 fiscal year has now jumped to a record $1.7 trillion compared to a […]


Market report: GBP’s struggles continue

GBP Sterling’s struggles continued last week as concerns around profit-taking and the AstraZeneca vaccine took its toll. This is despite the UK government pledging once again to offer a vaccine to every adult in the country by the end of July. However, under 30s will now be offered an alternative to the controversial AstraZeneca vaccine. The jab’s blood clot concerns have cast doubt […]

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Monthly Currency Market View April 2020

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