- The Pound Sterling climbs comfortably above the psychological resistance of 1.2500 against the US Dollar (USD) amid cheerful market sentiment. Significant gains posted by S&P 500 futures in the European session suggest an improvement in investors’ risk appetite. The appeal for risk-perceived assets improves as investors took the Fed’s monetary policy statement and interest rate guidance from the press conference of Fed Chair Jerome Powell as less hawkish than expected.
- The indication that the Fed remains tilted towards unwinding quantitative tightening weighed heavily on the US Dollar. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, hovers near crucial support of 105.55 in the European session.
- Investors should brace for more volatility in the US Dollar as the United States Nonfarm Payrolls (NFP) and ISM Services PMI report for April are set to be released on Friday. Economists have forecasted that US employers hired 243K job-seekers in April, lower than the prior reading of 303K. The Services PMI is estimated to have increased to 52.0 from the prior reading of 51.4.
- In the United Kingdom, investors shifted focus to the Bank of England’s interest rate decision, which will be announced on May 9. The BoE is expected to hold interest rates steady at 5.25% for the sixth time in a row. Investors will keenly focus on the inflation outlook and cues about when the BoE will start reducing interest rates.
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