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Market Comment - 5th April 2022

Posted by Stuart PritchardApril 5, 2022

Good morning,

The Pound continues to strengthen versus the Euro with the rate getting back towards the top of the mid term range after a sell off last week. The very short term trend is for the rate to top out again at multi month highs. The key from there will be whether the rate can finally break out to the upside or whether the dominant range will continue.

Versus the Dollar it's a slightly different story mainly pushed by the ongoing crisis in Ukraine. The GBP/USD rate remains in a fairly tight, sideways range.

However it's a vastly different story versus the Australian Dollar where the Pound is losing ground heavily versus the AUD. The rate is now at a level not seen since 2017.

The Canadian Dollar and the Turkish Lira are following similar trends to the USD i.e. tracking sideways versus the Pound.

There's US data out today, but the real moves could be felt tomorrow when the ECB has scheduled a number of speeches by various members of the ECB board.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today’s Economic Calendar

US: 15:00 ISM Services PMI

EUR: Wednesday 08:00 ECB De Guindos Speech

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