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USD weaker; uptick for Euro and Pound ahead of data-packed week

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The Dollar was slightly weaker on Monday ahead of a busy data-fuelled week featuring the UK Budget, European Central Bank meeting and US jobs data.


The Euro edged up on Monday 0.13% to $1.08, whilst Sterling rose 0.19% to $1.2677.


The Japanese Yen remained around the 150-level, whilst the greenback was up 0.20% at the time of writing to 150.43 Yen, Reuters reports.


This left the Dollar index, measuring the currency against six peers, flat at 103.82, moving within the bottom half of the last month's trading range between 103.43-104.97.


"It's going to be a busy week ahead for 'event risk' in the US and Europe, which could certainly trigger some pick-up in volatility from the current very low levels," stated Lee Hardman, senior currency analyst at MUFG.


On Wednesday and Thursday, Federal Reserve Chair Jerome Powell is due to testify before lawmakers, then on Friday US payrolls data is due, with forecasts for an increase of 200,000 following January's 353,000 rise.


"Payrolls could be the bigger mover as Powell is likely comfortable with current market pricing for Fed cuts, while if we get another strong payrolls after the last blowout report that could affect market expectations (for Fed policy)," Hardman added.


In Britain, the Budget is on Wednesday, with Finance Minister Jeremy Hunt attempting to quash speculation of major pre-election tax cuts.


The European Central Bank is scheduled to meet on Thursday, with the majority of policymakers cautious in signalling they will be shortly slashing rates.


Elsewhere, the Swiss Franc rose briefly as February inflation in Switzerland was marginally higher than forecast at 1.2% compared to last year. However, it remained under January's level and within the central bank's 0% to 2% target band.


The Dollar rose 0.09% against the Swiss Franc at 0.8837 Francs, whilst the Euro edged up 0.23% to 0.9594. 

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.