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