Sterling boasts a strong interest rate differential, but encouraging inflation data has undermined the currency somewhat. UK data is light but NFP ought to shake things up
In contrast, US data has been plentiful with ADP data adding to the robustness seen in the job market. US services PMI data helped extend the shorter-term dollar pullback after ‘new orders’ and ‘’ both declined in the month of March, seeing the headline reading moderate from 52.6 to 51.4. There is a notable amount of Fed speak to end the day, with Jerome Powell the standout of them all.
GBP/USD appears to have bottomed and trades back within the broad trading range which helped the pound trade near the top of the leaderboard in Q1 as other G10 currencies felt the effects of a strong dollar. The pair also attempts to recover from overbought territory and so there may be room for a shorter-term pullback should bears pile in from here. Theoverlay is the yield differential for the pair and has helped, to some degree, explain the path of the pair.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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