GBP sees modest gains – Scotiabank

Pound Sterling (GBP) is up 0.5% against the US Dollar (USD) but marginally underperforming most of the G10 currencies within the context of broad-based USD weakness, Scotiabank's Chief FX Strategist Shaun Osborne notes.

BoE’s Bailey strikes dovish tone

"The performance is typical for GBP, as it has recently been lagging its G10 peers through the larger trade-related swings in the USD. Domestic developments have been limited and remain secondary to the market’s focus on trade."

"Wednesday’s comments from BoE Gov. Bailey leaned dovish, highlighting the economic headwinds posed by US tariffs – despite the UK’s preferential 10% rate. The next BoE meeting (May 8) is one where the central bank will produce fresh forecasts."

"GBP/USD is bullish, with a clear trend of higher lows and higher highs and an RSI that remains firmly in bullish (50+) territory. Near-term support is expected at 1.3220 with resistance closer to 1.34."

Apr 24, 2025

USD/JPY falls back to near 142.30 as USD’s relief recovery shrinks

The USD/JPY pair retreats to near 142.30 during European trading hours on Thursday after a relief recovery move seen in the last two trading days. The pair falls back as the US Dollar Index (DXY) retraces after failing to extend its two-day recovery above the key level of 100.00.

JPY outperforming on mild risk off – Scotiabank

Japanese Yen (JPY) is entering Thursday’s NA session with an impressive 0.8% gain, outperforming most of the G10 currencies on the back of mild risk aversion, Scotiabank's Chief FX Strategist Shaun Osborne notes.