The Straits Times
JPMorgan Asset Management and T. Rowe Price see the dollar weakening as US economic exceptionalism wanes.PHOTO: AFP
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April 21, 2021 - Written by David Woodsmith
Broad US Dollar weakness has persisted this week, causing the British Pound to US Dollar (GBP/USD) exchange rate to hit its best levels in a month. The pair is struggling to hold those highs however, amid a lack of fresh upside support for Sterling. With both the Pound and US Dollar running out of steam lately, volatility may be ahead unless upcoming data boosts market demand for either of these weakening currencies.
Last week saw GBP/USD open at the level of 1.3706, not far above the pair’s lowest levels all month. However, as the US Dollar continued to be sold GBP/USD saw a notable recovery and closed last week at the level of 1.3838.
ECB expected to signal faster money printing
LONDON, March 11 (Reuters) - The dollar index fell to its lowest in a week early in Thursday’s European session and there was a mild “risk on” tone in currency markets, as attention turned to the European Central Bank’s policy meeting.
Softer consumer prices data in the United States on Wednesday helped to ease fears about a possible spike in inflation when economies re-open from the COVID-19 pandemic. U.S. Treasury yields declined from their recent spike.
At the European Central Bank meeting, policymakers are expected to send a message that they will prevent bond yields from rising further and harming the bloc’s economic outlook.