GBP extends rally for seventh session – Scotiabank

Pound Sterling (GBP) is up 0.3% vs. the US Dollar (USD) and a mid-performer among the G10 currencies as it extends its gains for a seventh consecutive session and pushes toward its prior (September) highs around 1.34, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Trade détente is GBP positive

"The CPI release for March disappointed slightly on headline (2.6% y/y vs. 2.7% y/y exp.) and was as expected on core (3.4%). Trade tensions also remain a critical driver for GBP."

"GBP/USD’s gains have extended for a seventh consecutive session and momentum remains bullish with an RSI near the overbought threshold at 70. We look to near-term resistance around 1.33, and beyond that, the September high around 1.34. Near-term support is expected between 1.3220 and 1.32."

Apr 16, 2025

USD: Trade tensions keep US markets on the defensive – Scotiabank

The USD is trading defensively this morning again, while US Treasurys are weaker (and underperforming) and US equity futures are softer. Global stocks are lower after the US government said it would require Nvidia to obtain a license to export one of its chips to China.

CAD regains some ground ahead of BoC policy decision – Scotiabank

The Canadian Dollar (CAD) lost ground yesterday after weaker than expected CPI data lifted market speculation that the BoC could cut interest rates at today’s policy decision (13:45 GMT), Scotiabank's Chief FX Strategist Shaun Osborne notes.