The Greenback transited another week where data releases and expectations of interest rate cuts by the Federal Reserve remained at the centre of the debate.
On this, the USD Index seems to have embarked on a gradual decline after hitting new yearly peaks earlier in the month. This retraction, however, should be deemed temporary. It was a negative week for the Greenback, which extended further the rejection from yearly peaks despite the move higher in US yields in response to investors’ re-adjustment of the potential timing of the first interest rate cut by the Fed .
Following its risky peers, GBP/USD sharply reversed two consecutive weeks in negative territory, managing to reclaim the area beyond 1.2500. In the UK, Mortgage Approvals and Mortgage Lending are due on April 30, prior to the release of the final S&P Global Manufacturing PMI on May 1. On May 2, the Nationwide Housing Prices will be announced ahead of the final S&P Global Services PMI on May 3.
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