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Market Report 04-04-22

Published: 04/04/2022 By ECAP

Sterling remains under renewed pressure around the 1.31 mark as investors await to decipher the rhetoric from Andrew Bailey's press conference held this morning. With very little in the way of economic data from the UK this week, Sterling will be left to trade from risk appetite derived from releases around the globe.

Analysis would suggest that if we see a break below the 1.31 figure a re-test of 1.30 could be seen quite quickly, on the flip side we would need to see a break over the 1.3138 level before a move higher could be made.

US Unemployment Rate continues to remain bullish as it posted the lowest rate seen since February 2020, giving the Dollar most of its recent strength. The figure posted a 3.6% figure against the 3.7% forecast, showing an overall 0.2% improvement from the previous reading of 3.8%. This positive reflection in data, would suggest that the US economy is recovering from the COVID state and has also firmed the odds that we will see a jumbo rate hike from the next US meeting held next month.

Meanwhile the EUR continues to trade within a tight range, as investors look towards the host of services PMI data due for release tomorrow from both Germany and France.