The general price action tor the US Dollar following the Fed Reserve hawkish minutes release on Wednesday suggests there is still investor interest to sell Dollars on any signs of strength. The Dollar eased off during Thursday’s session as global stocks recovered. This was almost a repeat of last week’s price action when US inflation jumped above consensus. US PMI readings (May) are released later today. The long- term USD downtrend appears to remain on track for the time being as a ceasefire between Israel and Palestine has also reduced Dollar safe-haven buying.

The Pound recovered on Thursday to close at $1.4190 & €1.1600.The latest UK retail sales data was released for April earlier this morning, further good news for the UK economy. They beat expectations month on month coming in at 9.2% (consensus 4.5%), attracting early buyers ahead of PMI readings for the UK at 9.30am.

The EURO climbed back to above $1.2200 following yesterday’s broad based USD selling interest and opened today relatively unchanged against Sterling. Eurozone latest PMI readings are also released at 9.00am.

Opening interbank levels:
GBP/USD 1.4195
GBP/EUR 1.1600
EUR/USD 1.2235