Tuesday’s trading session was rather subdued across foreign exchange markets. After the long Easter weekend, many would have expected more volatility as participants reassess developments and position themselves appropriately. However, this did not occur, instead, the day saw the US dollar consolidate its recent gains.
The EURUSD pair struggled to get back above the $1.08 level following its sharp decline post-ECB announcement last week. The price declined from $1.09 down to sub $1.08 and has not looked back since. The cable rate (GBPUSD) has been glued to the $1.30 handle for the last few days as participants weigh up the path ahead for the struggling British currency.
Written by Viv Savani. 6:23am, April 20th 2022
The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.