Sterling range-bound against the Euro

Hi everyone,


The Pound has found some range stability against the Euro, after settling in the middle of the price swing over the last 30-days. It's likely we will see little volatility this week with only the PMI's released tomorrow of any significance. It means potential respite for GBP, after what has been yet another inconsistent month. It was however a strong week overall for Sterling last week, gaining nearly 1% on the single-currency and over 3% on the US Dollar. 


After good economic figures for April, the UK will be hoping May has started well with PMI data. Both the EU & UK are expected to see a slight drop from previous which would do little on the market, but any surprises will cause a stir up tomorrow morning. The main talking points are always Germany's manufacturing and the UK's services number, both are key measurements for each economy. 


China has released a number of support measures to help bolster its economy, which has had a positive impact on global investor sentiment. 33 policy changes have been made in 6 areas which has allowed investors to become a little less nervous over the state of affairs in the 'factory of the world'. This comes after Shanghai (the most important seaport), began a phased reopening from lockdown. 


ECB members have been priming investors for a July interest rate hike for weeks now and ECB President Lagarde has almost certainly given the green light after recent comments. "We are likely to be in a position to exit negative rates by end of Q3", was all the market needed to hear to allow the Euro to jump 0.5%-1% across the board earlier today. As mentioned before, there is a long way to go until July's meeting, but this is the biggest near-term risk event for anyone with £-€ exchanges in the pipeline. 


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