GBP saw relative stability in Q1 after a torrid 2022. Economists at Credit Suisse believe that the GBP/USD could reach over the second quarter.
Relative ECB hawkishness should allow for an upward EUR/GBP drift.“Relative ECB hawkishness should allow for an upward.EUR/GBP drift, but we suspect the BoE will not be shy to hike rates still more if the data support that, and so GBP/USD can rise towards 1.2650 over the quarter.”
“If we are wrong and the BoE decides to see through high inflation and shift in a materially dovish direction for reasons such as financial risk, EUR/GBP would quickly move above 0.9000.”
EUR/USD retreats further below 1.0900
EUR/USD continued to move lower during the American session and reached levels under 1.0900. The US Dollar recovered ground despite disappointing ADP employment and ISM Services PMI data from the US.
GBP/USD falls toward 1.2450 as USD extends recovery
GBP/USD turned north and climbed above 1.2500 after the disappointing data releases from the US but quickly reversed its direction and fell toward 1.2450. The negative shift witnessed in risk sentiment provides a US Dollar and forces the pair to stay on the back foot.
Gold: Bulls hold ground, prepare for another leg north
Spot gold extended its advance to a fresh multi-month high of $2,032.03 a troy ounce on Wednesday, correcting lower afterwards. Market players are taking some profits out of the table ahead of the long holiday, as multiple markets will be closed or with reduced activity in the last two days of the week amid the Easter Holiday.
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