Pound sterling enters the final week of April marginally unchanged against the euro following last Friday’s retail sales-led slump. Against the US dollar, sterling is also in a similar position.
It is a quiet week for pound-watchers this week however, there will be plenty of key economic releases from our eurozone neighbours and others further afield; many of which have the potential to impact currency rates.
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At the end of last week, many watched European stock markets make a fifth- consecutive week of gains, with the benchmark Stoxx 600 finishing at its highest closing level since February 2022.
This morning, eurozone markets have just seen the Ifo business climate for the world’s fourth largest economy Germany. The reading came in at 93.6, below forecasts of 94.4, but still pointing to a rise in confidence.
In US stock markets, the dollar index (DXY) steadied near 101.8 this morning as investors continued to ponder the outlook for the US economy and Fed’s monetary policy.
Against the dollar, the euro sits near an over-12-month high, touched on April 14, as European Central Bank policymakers called for a tighter monetary policy.
On Tuesday, the UK’s public sector net borrowing will be released, along with CBI industrial trends orders and US new home sales. While on Wednesday, the ones to watch will be Germany’s Gfk consumer confidence and US durable goods orders.
On Friday, economists will have plenty to chow down on, with the Bank of Japan scheduled to decide on its latest interest rate, followed by a flurry of key data from Germany and the US.
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