Tuesday has not got much to offer in terms of economic data releases. We did see at midnight UK retail sales monitor release a down grade for the retail sector in March of 0.9%, the forecast was that it would fall slightly to 2.4%. With this being a sales monitor and not actual final figures, it could be an early indication that the retail sector will face headwinds moving forward. In the afternoon session we do have JOLTS (Job openings and labor turnover) being released for the US. It’s forecasted to create slightly less jobs than in its previous month. From last week we did see a divided view on jobs data from the US with ADP falling short and only producing half of the jobs that it was forecasted. On the other hand, we did see non-farm payroll see an up going trend to its previous month producing 26k more jobs, while still falling short of its forecast.
We can see an overall negative market sentiment for most markets, with high volatility and sell-offs for stock market. This has caused GBP to take further steps back to the EUR, with global conditions treated with higher risks – GBP has performed worse and investors prefer to hold the EUR – as its seen as a more stable currency in this economic landscape. In a couple of weeks we have seen GBP/EUR move from a level of 1.21 to now break through the 1.19 level.
GBP/EUR 1.1862 GBP/USD 1.2916 GBP/AED 4.7456
GBP/AUD 2.0564 GBP/CHF 1.1393 GBP/CAD 1.8620
GBP/NZD 2.2668 EUR/USD 1.0877 GBP/ZAR 23.5804