Key Headlines

•            Ramsden joins in with dovish Bailey

•            GBPEUR at 4-month lows, GBPUSD at 6-month lows

Recap

GBP declined into the weekly close after BoE’s Ramsden signalled that he’s less concerned about UK inflation than previous months, adding onto Governor Bailey's dovish comments on Wednesday. Market pricing for a UK rate cut has now moved from September to August. The USD gains from earlier in the morning faded across the day, as the tensions and concerns following Israel's strikes on Iran eased over the course of the day.

Today’s Overview

The highlights in this week's economic calendar will be first quarter numbers for US GDP, as well as core PCE numbers. Friday will also see the release of March’s core PCE number. An uptick in these numbers will support the recent Fed comments and should support further gains in USD. On Tuesday we have PMI numbers for the month of April from the EU, UK, and US.

Market sentiment is a bit more upbeat this morning as markets price out some of the geopolitical risk of late. However, GBP has mostly opened lower across the board as markets continue to digest and rethink the BoE’s projected rate policy.

Equals Market Analysis– 22^nd April 2024

Today’s Rates

Today's Interbank Rates at 09:34 am against GBP movement.

GBP>EUR – 1.16055

GBP>USD – 1.2365

EUR>USD – 1.0651

GBP>CAD – 1.6972

GBP>AUD – 1.9218

GBP>SEK – 13.496

GBP>AED – 4.5393

GBP>HKD – 9.6860

GBP>ZAR – 23.597

GBP>CHF – 1.1258

GBP>PLN – 5.0134

Speeches

•          None today.

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