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Market Report 05-04-2022

Published: 05/04/2022 By ECAP

Weaker growth forecasts continue to weigh on the pound and eyes now focus towards the speech being held this Thursday by Bank of England chief economist Pill, for further insight into the potential stance of the BoE monetary committee. The fourth quarter growth revision for the UK despite being positive was largely overlooked as fears within investors remain that we will start to see a much more dovish BoE committee when discussing raising rates within the UK.

Cable continues to trade within a tight range mostly between 1.3110 and 1.3140 however with the up and coming Easter break and thinner liquidity in the markets there is a potential for some further peaks and troughs to be posted. The top level of resistance sits around the 1.3190 region before we can see a break out of this range higher and similarly, we will need to see a break below the 1.31 psychological figure before a move lower can be made.

EURUSD continues to give away gains as the pair retreats to consolidate around the 1.0960 levels this morning. Germany and the broader Eurozone PMI figures came largely inline or with a slight positive upturn however the EUR seems reluctant to push higher as the ECOFIN meeting being held later today comes into focus and what further sanctions will be implemented against Russia.

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