With a sparse economic calendar yesterday the major currency pairings were fairly range bound, with no major movements.
The Euro held a slightly softer tone, with the German IFO missing expectations. There was a small increase to 96.8, from 96.6 in March. However, the figure missed the forecasted gains of 97.8.
The Euro will now complete their 3rd month in a row of loss against the US Dollar. However, there is potential as this specific currency pair has emerged into the area of (1.1630 – 1.1904), this could help to pull it back with a slight suggestion of support.
The single currency is expected to bounce back around the level of 1.1412.
EUR/GBP has shifted to slightly under the 87p region, as sterling softens.
The main data release in the economic calendar today is the release of the Consumer Confidence figures in the US, this is a survey from households within the USA. Aprils reading is forecasted to rise to 113.0 from the 109.70 reading in March, thanks largely to the increased volume of the vaccine programme.
With flights due to open in May from the UK to many destinations, it opens up the market to British people looking to purchase property abroad again, now may the time to start looking at the currency market and protect yourself against potential fluctuations.
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Todays Economic Calendar
ITA: 09:00 ISTAT Business Confidence (April)
ITA: 09:00 Consumer Confidence (April)
EU-19: 10:00 Business Climate (April)
UK: 11:00 CBI Distributive Trades (April)
US: 14:00 Case-Shiller House Prices (February)
US: 15:00 Conference Board Consumer Confidence (April)