Dear Reader,

Today's overview of economic news and market action: 

• There was a cautious tone to investor sentiment yesterday …
• Currency-wise, the euro was under pressure throughout the European session …
• However, the euro recouped most of its losses overnight …
• As trading gets underway this morning, EUR/GBP is in the top half of 85-86p …
• EUR/USD remains in the upper region of $1.13-1.14 …
• Meanwhile, GBP/USD is above the midpoint of $1.32-1.33 …
• Later today, US retail sales and industrial production (both March) are due …
• Elsewhere remarks from Fed Chair Powell will  garner attention.

All rates quoted are indicative market rates.

Following a tumultuous week on financial markets, with President Trump unwinding some tariff measures and ratcheting up others, uncertainty abounds, with little clarity on the future path of policy. However, as we discussed in our Weekly publication last Friday, the markets have found the pain threshold for the Trump administration and have potentially set a guardrail on future policy