Published by: ECAP
The British Pound edged higher at the end of last week, as GBP investors welcomed the release of the UK’s latest GDP figures. These showed that the UK economy expanded in August for the first time since May. Looking forward, Bank of England official Swati Dhingra will speak later this morning and could give further cues on the BoE’s rate cut trajectory.The Euro opened today’s trading session on the back foot amid growing uncertainty over the trajectory of the Eurozone economy. In fact, EUR investors are increasingly concerned that the bloc is on the edge of a recession amid a widespread slump in consumer activity. Looking forward, market participants keenly await Thursday’s ECB policy meeting.
The U.S. Dollar gathered strength against its major rivals last week, with the USD Index posting gains for the second consecutive week, amid bets on a slower pace of interest rate cuts by the Fed. For now, the greenback firmed slightly this morning, with focus turning to a slew of Federal Reserve speakers this week for more cues on interest rates.
Data supplied by GC Partners