Pound is also ending the week on a firmer footing...
Pound is also ending the week on a firmer footing, though this masks the whole truth as Cable remains much closer to worst levels between 1.3671-1.3918 parameters and only just held around March 25 lows when yielding to the partial Buck recovery and slipping beneath the 100 DMA (1.3687).
In many ways it feels like the markets have been waiting for something to get their teeth stuck into after missing out on Good Friday’s NFP bonanza and with many centres also absent when the US services ISM hit record-breaking levels at the start of this week. Meanwhile, the Dollar index declined from a 93.113 peak to 91.995 low yesterday in relatively steady fashion from Wednesday following dovish FOMC minutes and comments from Fed chair Powell the next day echoing the message that while economic recovery prospects have brightened with additional fiscal stimulus alongside a speedy rollout of COVID-19 vaccinations, accommodative policy will not be removed until there is substantial progress on FAIT and full employment goals.
In many ways it feels like the markets have been waiting for something to get their teeth stuck into after missing out on Good Friday’s NFP bonanza and with many centres also absent when the US services ISM hit record-breaking levels at the start of this week. Meanwhile, the Dollar index declined from a 93.113 peak to 91.995 low yesterday in relatively steady fashion from Wednesday following dovish FOMC minutes and comments from Fed chair Powell the next day echoing the message that while economic recovery prospects have brightened with additional fiscal stimulus alongside a speedy rollout of COVID-19 vaccinations, accommodative policy will not be removed until there is substantial progress on FAIT and full employment goals.