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Currency Market Update - 3rd April 2023

Currency Market UpdateOverall, the month of March was quite supportive for Sterling with GBPEUR closing the month at 1.1370 and GBPUSD closing at 1.2320. With positive GDP for the UK and a relatively stable budget, there weren’t too many surprises for Sterling sellers over the month.

Generally, the month of April is usually strong for markets, and with Sterling being a high beta currency, we generally find the Pound performs well against the Dollar through the month of April, before the month of May which sometimes can force sells before the Summer.
This week will be more jam-packed than usual given that it is Bank holiday weekend (So please ensure to book all trades by Thursday as the working week will resume Tuesday 11th).
For data releases- please see below for the major events on the economic calendar this week:

Monday
U.S ISM Manufacturing PMI- Forecasted lower than previous.

Tuesday
RBA Interest Rate decision- 0.25% hike expected
U.S Fed Cook Speech

Wednesday
RBNZ Interest Rate Decision- 0.25% hike expected
UK- Global services PMI- Forecasted lower than previous at 52.2
U.S- Balance of Trade, Services PMI and Non-Manufacturing PMI

Thursday
U.S- Continuing and initial jobless claims

Friday
U.S- Non-Farm Payrolls & Unemployment Data.
Overall- through this week we can see GBP maintaining it’s strength against the Dollar and the Euro but generally we are not expecting a large rise in the GBPEUR price over this next month- any opportunities above 1.13/1.14 are ideal buying areas.

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