FX Market Report 20/04/20

Foreign Exchange Report 20/04/2020

Euro Dollar

EUR/USD has started the new week trading with mild losses. Last week, the pair had already lost half a per cent following Friday’s recovery and is currently trading at a spot rate of 1.0873. COVID-19 has pushed down market figures worldwide, with U.S. authorities preparing to roll out additional aid measures.

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The Cable

The Pound-to-Dollar exchange rate is trading at 1.2506, little changed from last week. The British currency has been pushed down by ongoing criticism of Britain’s handling of the pandemic, Prime Minister Boris Johnson’s wary approach to lifting lockdown measures as well as Brexit talks. On the other hand, analysts are seeking recovery from the greenback.

The Chunnel

GBP/EUR is trading at 1.1495, after climbing thirteen points last week. The pair is seen stalling on the charts as the Sterling risks becoming the ‘sick man of Europe’. Against the Euro, the Pound remained little changed. The shared currency is seen consolidating on the charts, ahead of a forecast downturn.

The Loonie

The Pound-to-Canadian Dollar was seen rising almost one per cent last week and is now trading at a spot rate of 1.7492. The pair may now face a fresh round of sideways consolidation over the next few days.

The Auzzie

Elsewhere, the Australian Dollar’s recent three-week-long gain against other major currencies including the U.S. Dollar, Euro and Pound could be at risk of yielding. Against the GBP, the Aussie Dollar was trading at a market rate of 1.9617.

 

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