Published: 26/09/2024 By ECAP
The British Pound lost ground against the majority of its peers yesterday as an absence of market moving data left the British currency vulnerable to shifts in market appetite. Nevertheless, the same drivers that took the Pound to recent highs remain in place: namely a Bank of England that will only cut interest rates cautiously owing to the UK's sticky services inflation amidst ongoing economic growth.The Euro ticked up against the majority of its peers yesterday as a souring market mood offered the safe-haven currency some modest support against its riskier rivals. However, the Euro’s upside is fairly limited, as an absence of economic data from within the bloc leaves the single currency vulnerable to the current pessimistic economic outlook in the Eurozone.
The U.S. Dollar weakened yesterday, adding to the previous session’s losses as the greenback struggles to find support. Nevertheless, tomorrow brings the release of the latest U.S. GDP print. The finalised figures for the second quarter are expected to confirm that US economic growth accelerated to a healthy 3%, which may help to put a floor under the U.S. Dollar.
Data supplied by GC Partners