Market Report : 04.03.2024

Published: 04/03/2024 By ECAP

The British Pound drew support from the Bank of England Chief Economist Huw Pill's hawkish remarks on Friday, saying that the first cut in the key interest rate is still some way off. Moreover, the recent risk-on rally across the global equity markets further lent some support to the to the British Pound. Looking forward, there isn't any relevant market-moving data due for release today.

The Euro benefited from the broad-based selling pressure surrounding the US Dollar on Friday and closed the week with small gains. Looking forward, the European economic docket will feature Sentix Investor Confidence data for March during today’s trading session. Later in the week, the European Central Bank will announce its monetary policy decisions on Thursday as well.

The U.S. Dollar steadied from recent losses as markets awaited more cues on U.S. interest rates from the Federal Reserve and key payrolls data this week. Moreover, speculation over interest rates put an upcoming testimony by Fed Chair Jerome Powell squarely in focus, where analysts expect him to largely reiterate that interest rates will remain sticky in the near-term.

Data supplied by GC Partners