Tuesday 4th May - Today's Rates & Market News

Published: 04 May 2021



GBP/USD and the GBP crosses are expected to trade sideways this week, with GBP/USD staying close to the 1.39 level ahead of Thursday’s meeting of the Bank of England’s monetary policy committee. Given the UK economic recovery after the pandemic-induced slump, traders will be watching out for any decision by the MPC on tapering its huge economic stimulus measures.

That would be positive for GBP, but traders will also be watching out for the results of the UK local, regional, and mayoral elections the same day, although the results will take time to trickle out. An overall majority for the pro-independence Scottish National Party could weaken the Pound as it would raise the chances of Scotland breaking away from the UK, although not for a long time.



 The offshore Chinese Yuan halted an eight-month rally against the US Dollar and retreated February-March 2021 as optimism surrounding a robust economic recovery and smooth vaccine rollouts for the US buoyed the Greenback. The approval of a US$1.9 trillion Corvid relief package favoured by the Biden administration further boosted reflation hopes. The resulting rapid rise in longer-dated Treasury yields led to a rebound in the US Dollar Index (DXY) from a two-and-half-year low.

Year-to-date, USD has strengthened against most Asian emerging market currencies such as IDR, THB, KRW, SGD, and CNH. The seemingly “one-way” trajectory of USD/CNH appears to be under threat by a faster-than-expected economic recovery in the US as well as uncertainties surrounding Chinese growth.

XE Market Analysis Europe – 04th May 2021


Today’s Rates

GBP>EUR – 1.1542

GBP>USD – 1.3870

EUR>USD – 1.2018

GBP>CAD – 1.7077

GBP>AUD – 1.7959

GBP>SEK – 11.735

GBP>AED – 5.0955

GBP>HKD – 10.772

GBP>ZAR – 20.074

GBP>CHF – 1.2683


  Today’s Calendar 

·       NZD      Employment Change(Q1)

·       NZD      Unemployment Rate(Q1)


  Today’s Highlights

  • EUR/USD Forecast: Bear attack on 1.20 looks imminent as markets see glass half-empty
  • GBP/USD falls under 1.39 on dollar strength, Brexit concerns
  • Forex Today: Dollar rebounds as markets turn cautious, cryptos, gold, oil all retreat
  • Scottish elections to have a marginal impact on GBP as the referendum is still years away – ING



This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited/Manor House Foreign eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.

Share this page

John Hall

Firm: Frank eXchange
Country: United Kingdom - England - England

Practice Area: Foreign Exchange

  • Office 4d, Ben Arran House
    Wigwam Lane, Hucknall,
    Nottingham, NG15 7SZ

Find a Global Advisory Expert


Since 2010, the Global Advisory Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.