GBP: Amidst a UK calendar devoid of data, investors found it difficult to show interest in the British Pound last week. In actuality, the fundamental driver of the GBP movement was market risk dynamics; firstly, the gain of the GBP was restrained by an ambiguous market mood. But in the wake of a better-than-expected services PMI, which appeared to keep the Pound afloat, Sterling benefitted from some minor tailwinds as indications of acceleration in the crucial sector bolstered confidence in the UK economy.
EUR: Due to investor disappointment at the most recent release of Eurozone GDP, the Euro concluded last week lower than it started. Due to high interest rates and inflation, consumer spending and investment inside the bloc were constrained, resulting in a revision of the latest growth forecast for the second quarter from 0.3% to 0.2%. Market players are anticipating the European Central Bank’s widely anticipated interest rate decrease on Thursday.
US: Due to worries over the US economy’s health and the carefully watched US monthly employment data that were issued on Friday, which indicated that the labour market’s momentum is slowing down more than anticipated, the US dollar concluded last week worse than it started. In the end, the dollar might find it difficult to maintain its value as recent statistics suggested that the Federal Reserve would lower interest rates by a greater 50 basis points later this month.
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