Currency Note


Pound on upswing at start of week

The pound has started off the working week in a broadly positive mode, strengthening against most other currencies this morning, albeit remaining a percentage point or so below last month. Given the economic and political uncertainty at the moment, that’s about the...

USD: Dollar benefits from safe haven status

The dollar has strengthened against a basket of currencies this morning, benefitting from its status as a safe haven currency. Investors are concerned that high interest rates and poor economic data could mean that a global recession is approaching. A series of data...

EUR: Busy week of data for Europe

The euro is trading in narrow ranges against both the euro and the dollar this morning ahead of a busy week for data releases and speeches from central bank members. European Central Bank President, Christine Lagarde, will speak throughout the week, including at the...

GBP: Pound steady following retail figures

After rising against the euro and the dollar on Friday morning, the pound then weakened towards the end of the day following soft retail sales data. UK retail sales came in at -4.7% year-on-year in May, which was worse than the expected reading of -4.5%. This was...

Central bank speeches expected across the board

The pound strengthened on Friday morning, before falling towards the end of the day. This morning, it’s trading in narrow ranges against the euro and has strengthened against the dollar. There will be a series of speeches this week from Bank of England, European...

EUR: Eurozone PMIs disappoint

The euro has weakened against the pound and the dollar, primarily due to greenback strength and disappointing eurozone data. Poor PMI data for France, Germany and the eurozone as a whole caused the single currency to suffer yesterday. The latest German Ifo business...

GBP: Retail sales softer than expected

The pound is slightly stronger against the euro and steady against the dollar this morning, however, soft retail sales data and political jitters have restricted further gains. While retail sales did fall in May, it was by less than expected at -0.5% compared to...

Soft retail sales and political jitters direct sterling

The pound is slightly stronger against the euro and is beginning to gain some strength against the dollar this morning following the release of UK retail sales data. Retail sales fell in May, with food stores being the main contributor, but this decline was softer...

USD: Powell testimony continues

After falling earlier this week due to comments from Federal Reserve Chair, Jerome Powell, the dollar is stronger against a basket of currencies this morning. Yesterday, during is testimony in front of Congress, Powell said that a recession was “certainly a...