Key Headlines

•            GBP losses continue

•            Pill and PMI numbers to put further pressure on?

Recap

GBP losses from last Friday continued into the new week as markets continued to digest BoE Ramsdens dovish comments, although worth noting the currency did manage to reclaim some of the initial losses. Both USD and EUR were fairly flat on the day.

Today’s Overview

So much of the talk across our desks is of course focused on the weakness in GBP following the dovish turn from BoE speakers last week, as well as market pricing now reflecting a 60% chance of a June rate cut, and a 100% chance of a cut in August. We saw some key support levels taken out as well across the board, so the question now is whether there is enough conviction from markets for the negative GBP trend to continue. So, we wait to see what today's PMI numbers show, as well as what BoE Pill and Haskel say in the afternoon. From a charting perspective, the GBP index is looking oversold which normally suggests a rebound could be on the cards, but not guaranteed especially if the markets are in the mood for further GBP declines.

Equals Market Analysis– 23rd April 2024

Today’s Rates

Today's Interbank Rates at 09:42 am against GBP movement.

GBP>EUR – 1.1596

GBP>USD – 1.2385

EUR>USD – 1.0681

GBP>CAD – 1.6964

GBP>AUD – 1.9193

GBP>SEK – 13.462

GBP>AED – 4.5483

GBP>HKD – 9.7080

GBP>ZAR – 23.776

GBP>CHF – 1.1284

GBP>PLN – 5.0206

Speeches

•          None today.

(https://frank-exchange.com/)

This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information, or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.