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Matthew Weller, Global Head of Research at FOREX.com, reports that the U.S. dollar is experiencing a rise against all major rivals, including the Euro, despite the absence of significant U.S. economic data.
Analysts at Goldman Sachs have upgraded their tactical stance on the British Pound to "outright constructive" amidst a surprising UK economic resilience and fading central bank divergence risks.
The British Pound has come under pressure against the Euro in May as investors bet Thursday's European Central Bank (ECB) interest rate decision and guidance will see it maintain its crown as the most hawkish of the major central banks.
The EUR/USD is clearly going to be in focus this week with both the Fed and ECB rate decisions to come ahead of U.S. non-farm payrolls report on Friday.
The Euro to Dollar exchange rate (EUR/USD) is forecast higher at HSBC with analysts saying their conviction has been cemented by the most recent set of Balance of Payment (BoP) figures from the Eurozone.
The Pound to Euro exchange rate was pushed back to early February lows last week and the risk is that any attempted recovery is hampered this week by a renewed ebb of the inflation tide on Wednesday.
The British Pound's outlook remains upbeat in the near term although headwinds will likely ensure the prospect for substantial gains remains limited, according to one of Europe's largest commercial and investment banks.
Euro exchange rates can depend on further interest rate hikes at the European Central Bank (ECB) on news inflation in the Eurozone's largest economy continues to see broad-based inflationary pressures.