A very lacklustre day with low volatility, which saw USD gain marginally across the board as treasury yields firmed up, as US durable goods came in higher than expected. BoE member made comments in the morning that the market is pricing in too many rate cuts this year, and that the BoE will not cut before the Fed, but the comments fell on deaf ears with GBP barely moving across the day.
*Daily move - against G10 rates at 7:30am, 26.03.24
** Indicative rates - interbank rates at 7:30am, 26.03.24
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Another quiet day expected with end of quarter flows to dictate the FX market. GBP picked up a bit yesterday following a broad sell-off last week, and we look to see if GBP sellers view this uptick as an opportunity to sell the currency again from a better level, or they wait for a bit more appreciation before selling. Either way, with expectations that the BoE could be the second central bank to cut rates in Europe, there is growing sentiment for markets to continue to sell GBP.
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