Currency news

USD gains to follow core PCE?

Thanim Islam
Profile
Head of FX Analysis at Equals Money
-
3
min read
Publish date
26/04/24
  • US growth disappoints with GBPUSD and EURUSD at key resistance
  • Waiting for core PCE numbers today


Yesterday's currency recap

USD weakness continued yesterday, with first estimates of US growth for Q1 coming in lower-than-expected to 1.6%. However, USD did try to gain on the back of the higher core PCE number for Q1, but there wasn’t much conviction in the move with markets perhaps waiting to see what the March number will be today. Both GBPUSD and EURUSD have now retraced 50% of the losses suffered between the 10th April and 22nd April, and sit at a key resistance level.

Today's GBP rates


Currency pair Daily move* Indicative rate**
GBPAUD -0.45% 1.9105
GBPCAD -0.12% 1.7066
GBPCHF -0.02% 1.1413
GBPDKK -0.06% 8.6915
GBPEUR -0.06% 1.1655
GBPJPY 0.42% 195.4640
GBPNOK -0.07% 13.6982
GBPNZD -0.32% 2.0966
GBPSEK -0.31% 13.5859
GBPUSD -0.03% 1.2512

*Daily move - against G10 rates at 7:30am, 25.04.24

** Indicative rates - interbank rates at 7:30am, 25.04.24

Key data points


Currency Event Period Consensus Previous
USD Personal Income Mar 0.50% 0.30%
USD Personal Spending Mar 0.60% 0.80%
USD Core PCE MoM Mar 0.30% 0.30%
USD Core PCE YoY Mar 2.70% 2.80%

Upcoming speeches

  • None today.

What we think

Nice rebound on GBPUSD and EURUSD since 22nd April, as mentioned above with both pairs recovering 50% of the losses suffered since the 10th April. Worth noting both pairs are now at key levels that could provide some stern resistance, should today's core PCE numbers for March illustrate inflationary pressures stateside. If so then we would expect a strong USD to finish the week.

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About the author
Thanim Islam
Profile
Head of FX Analysis at Equals Money

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