Money News Overview Monday 22nd April: The pound continues to decline against the euro and dollar

Fed Chair Powell's Testimony Keeps Markets Steady

Markets look to this afternoon for the first major economic release of the week. The European Consumer Confidence Index is set to be announced at 15:00.

With the lack of economic releases today, attention will turn to Tuesday’s data. There is a handful of Purchase Manager Index releases across Europe and the UK tomorrow morning.

For the US the key releases of the week are expected with New Home Sales, markets are forecasting a rise of 8k month on month. Followed by the release of employment and gross domestic product, the latter is expected to show a decline to 2.1% (from 3.3%).

On the currency front, the pound has taken a massive hit following Friday evening’s speech from Bank of England Governor Bailey.

The pound/euro rate has fallen 100 points off the back of the speech, as for the pound/dollar rate this is sitting at its lowest rate since November 2023.

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