The Office for National Statistics confirmed that the UK entered into a recession in Q4. GBP held up in Q1 but the threat of sharp declines in inflation may weaken the currency
The US dollar has picked up a small bid ahead of the release of a few important US data releases, leaving EUR/USD under downside pressure.
Economic output in the Euro Area’s largest member state is expected to grind to a near-halt this year, adding weight to the possibility of back-to-back ECB rate cuts.
Markets appears content to take profits as Q1 comes to a close and OPEC sources do not expect any changes to output levels in the second quarter
Japanese finance minister, Shunichi Suzuki escalated the language used to address recent, unfavourable moves in the yen. The same rhetoric used before prior FX intervention