Key Headlines

•            US growth disappoints with GBPUSD and EURUSD at key resistance

•            Waiting for core PCE numbers today

Recap

USD weakness continued yesterday, with first estimates of US growth for Q1 coming in lower-than-expected to 1.6%. However, USD did try to gain on the back of the higher core PCE number for Q1, but there wasn’t much conviction in the move with markets perhaps waiting to see what the March number will be today. Both GBPUSD and EURUSD have now retraced 50% of the losses suffered between the 10th of April and 22nd April and sit at a key resistance level.

Today’s Overview

Nice rebound on GBPUSD and EURUSD since 22nd April, as mentioned above with both pairs recovering 50% of the losses suffered since the 10th of April. Worth noting both pairs are now at key levels that could provide some stern resistance, should today's core PCE numbers for March illustrate inflationary pressures stateside. If so then we would expect a strong USD to finish the week.

Equals Market Analysis– 26th April 2024

Today’s Rates

Today's Interbank Rates at 09:21 am against GBP movement.

GBP>EUR – 1.1655

GBP>USD – 1.2518

EUR>USD – 1.0737

GBP>CAD – 1.7078

GBP>AUD – 1.9117

GBP>SEK – 13.596

GBP>AED – 4.5965

GBP>HKD – 9.8010

GBP>ZAR – 23.788

GBP>CHF – 1.1400

GBP>PLN – 5.0313

Speeches

•          None today.

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