The Pound to Euro Rate Weakens

The Pound lost some traction on Tuesday following the news that Chief Economist Andy Haldane will be leaving the Bank of England in June.

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This saw rate hike expectations change, especially as the BoE would be likely to retain a dovish approach, forcing the Pound to Euro rate to fall to 1.1509. In contrast to this, according to the Foreign Exchange Market, the pound to US Dollar rate increased slightly to 1.3753. Furthermore, the Pound was held back by the latest GDP figures which saw a smaller-than-expected rebound in domestic growth.

The Euro trended higher yesterday thanks to its negative correlation with the US Dollar. Despite this, the gains were limited following the latest ZEW surveys as they showed a decrease in German economic sentiment this month. 

The US Dollar also nudged lower yesterday following the latest US CPI releases which indicated that domestic inflation had surged to 2.6% in March. Pressure on the Greenback also came from the FDA whereby the rollout of the Johnson and Johnson vaccine was paused due to health concerns. Today, investors will have an eye on the latest speech from the Federal Reserve and this could place further pressure on the US Dollar.

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