FX Market Report 27/04/2020

Foreign Exchange Report 27/04/2020

Euro Dollar

EUR/USD is trading above 1.0850, as the number of coronavirus cases in Europe continues to drop and countries in the bloc gradually start to lift lockdown restrictions. The pair closed almost half a per cent lower during last Friday’s trading session, but a previous recovery has left the single currency in a good position, ahead of a European Central Bank meeting later this week. The Bank of Japan announced more stimulus, while the Federal Reserve is also expected to announce important decisions later this week.

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The Cable

The Pound-to-Dollar exchange rate has risen to roughly 1.2450, after plunging almost a full per cent last week. British Prime Minister Boris Johnson will return to work after recovering from the Covid-19 illness and is expected to announce the easing of some lockdown measures. This arrives after the Sterling was seen falling -0.94% against the greenback last week, with losses accumulating over the course of Monday’s trading session.

The Chunnel

GBP/EUR is trading at a spot rate of 1.1423, seen recovering on the charts, and may possibly explore its upside potential over the coming days. The Sterling was down 0.67% against the eurozone currency last week, amid uncertainty about the long-term unity of the bloc. The Pound underperformed against all other major currencies, bar the oil-effected Norwegian Krone.

The Loonie

Elsewhere, the Pound-to-Canadian Dollar was little moved last week. The two riskier currencies were both on the negative side ahead of the weekend, with the pair trading at a spot rate of 1.7393.

 

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