Mixed week

GBP
Mixed week 

The Pound had a mixed week against other G10 currency majors, impacted by the coronavirus vaccine back and forth between the UK and EU. Sterling softened in response initially but managed to climb again later. Meanwhile, the UK's massive inoculation effort last week should signal the pace of things to come as more supplies become available. In the week ahead, the Bank of England is due to meet to discuss its latest monetary policy decision, but it's not expected to make any changes to current interest rates. Additionally, Chief Economist at the BoE, Andy Haldane, is due to speak this week, and UK consumer confidence levels will also be released. 

EUR
Third wave

The Pound closed 0.34% higher versus the Euro last week. Meanwhile, against the US Dollar, the Euro slipped by around 1.30% before recovering and rising by 0.30% by the close of the week. The Eurozone has been struggling with its vaccine rollout, and last week more nations said they would halt the use of the AstraZeneca vaccine after some reports suggested there could be some adverse effects. Some countries seem to be heading into third-wave territory—Italy's just announced a tightening of restrictions and a lockdown at Easter. In the week ahead, European Central Bank President Christine Lagarde will speak, and Eurogroup meetings and the Dutch Parliamentary Election will also occur.  

USD
A change in risk appetite 

Sterling closed 0.64% higher versus the US Dollar last week. President Joe Biden signed his mammoth stimulus package into law, but the move created a risk appetite change, which saw the US Dollar soften versus its other G10 currency majors. Biden promised all those that wanted a vaccination would be offered it by 1st May. Now, the attention turns to the Federal Reserve and the potential change to monetary policy. Therefore, one of the week's main events ahead will be the Fed's latest interest rate decision, economic projections, and the follow-up press conference. US retail numbers will also be released, currently forecast to show contraction in February on the month. 

AUD and NZD
Supportive levels 

The Pound traded at its highest levels since November versus the New Zealand Dollar last week, while reaching it's strongest since December against the Australian Dollar. GBP/AUD accrued a high of 1.8114, while GBP/NZD hit 1.9465. Last week, Reserve Bank of Australia Governor Philip Lowe spoke, suggesting that the central bank would keep monetary policy at its current supportive levels until the economy reached labour market and inflation targets. Additionally, Australian consumer sentiment reached near-decade highs in March as the economic outlook brightened. 

The Reserve Bank of Australia will release its meeting minutes from its most recent gathering in the week ahead. Additionally, influential labour market and retail stats will also reach the market. Meanwhile, the New Zealand economy will print growth data, which is expected to show a slight increase in Q4 year-on-year. 

CAD
Jobs bolster Canadian Dollar 

Last week, data showed the Canadian economy added a bumper 259,000 jobs in February. Currently, the Canadian labour market is only hovering around 3.1% lower (about 599,100 jobs short) than a year ago, before the pandemic began to influence economies. The Bank of Canada has said that the labour market has noted an uneven impact when it comes to shedding jobs, and has used it as a reason to hold interest rates at 0.25%. The US Dollar hit its lowest level versus the Canadian Dollar since February 2018 on the strong jobs gain, while the Pound remained within its recent range. In the week ahead, inflation data will print, as well as retail and housing stats. 

GBP
Mixed week 

The Pound had a mixed week against other G10 currency majors, impacted by the coronavirus vaccine back and forth between the UK and EU. Sterling softened in response initially but managed to climb again later. Meanwhile, the UK's massive inoculation effort last week should signal the pace of things to come as more supplies become available. In the week ahead, the Bank of England is due to meet to discuss its latest monetary policy decision, but it's not expected to make any changes to current interest rates. Additionally, Chief Economist at the BoE, Andy Haldane, is due to speak this week, and UK consumer confidence levels will also be released. 

EUR
Third wave

The Pound closed 0.34% higher versus the Euro last week. Meanwhile, against the US Dollar, the Euro slipped by around 1.30% before recovering and rising by 0.30% by the close of the week. The Eurozone has been struggling with its vaccine rollout, and last week more nations said they would halt the use of the AstraZeneca vaccine after some reports suggested there could be some adverse effects. Some countries seem to be heading into third-wave territory—Italy's just announced a tightening of restrictions and a lockdown at Easter. In the week ahead, European Central Bank President Christine Lagarde will speak, and Eurogroup meetings and the Dutch Parliamentary Election will also occur.  

USD
A change in risk appetite 

Sterling closed 0.64% higher versus the US Dollar last week. President Joe Biden signed his mammoth stimulus package into law, but the move created a risk appetite change, which saw the US Dollar soften versus its other G10 currency majors. Biden promised all those that wanted a vaccination would be offered it by 1st May. Now, the attention turns to the Federal Reserve and the potential change to monetary policy. Therefore, one of the week's main events ahead will be the Fed's latest interest rate decision, economic projections, and the follow-up press conference. US retail numbers will also be released, currently forecast to show contraction in February on the month. 

AUD and NZD
Supportive levels 

The Pound traded at its highest levels since November versus the New Zealand Dollar last week, while reaching it's strongest since December against the Australian Dollar. GBP/AUD accrued a high of 1.8114, while GBP/NZD hit 1.9465. Last week, Reserve Bank of Australia Governor Philip Lowe spoke, suggesting that the central bank would keep monetary policy at its current supportive levels until the economy reached labour market and inflation targets. Additionally, Australian consumer sentiment reached near-decade highs in March as the economic outlook brightened. 

The Reserve Bank of Australia will release its meeting minutes from its most recent gathering in the week ahead. Additionally, influential labour market and retail stats will also reach the market. Meanwhile, the New Zealand economy will print growth data, which is expected to show a slight increase in Q4 year-on-year. 

CAD
Jobs bolster Canadian Dollar 

Last week, data showed the Canadian economy added a bumper 259,000 jobs in February. Currently, the Canadian labour market is only hovering around 3.1% lower (about 599,100 jobs short) than a year ago, before the pandemic began to influence economies. The Bank of Canada has said that the labour market has noted an uneven impact when it comes to shedding jobs, and has used it as a reason to hold interest rates at 0.25%. The US Dollar hit its lowest level versus the Canadian Dollar since February 2018 on the strong jobs gain, while the Pound remained within its recent range. In the week ahead, inflation data will print, as well as retail and housing stats.