A quieter week gives way to a pivotal one, with both the BoE and ECB meeting alongside the Fed. All are expected to hold rates. The focus shifts from whether rates change to what central bankers signal next, with MPC voting patterns, Lagarde's inflation language and Powell's stance on hikes all under the microscope. There's also a packed calendar of data releases to keep an eye on.
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Current FX rates: 27 April 2026
| Currency pair | Rate |
|---|---|
| gbp usd | 1.3554 |
| eur usd | 1.1739 |
| gbp eur | 1.1546 |
Rates correct as of 12:20pm on Monday 27 April but may now have changed.
The Big 3
A deeper look at the performance of major currency pairs this week. Become a subscriber to receive the full reports.
BoE holds but MPC voting pattern takes centre stage
GBP/USD edged lower in a relatively subdued week. UK data broadly impressed with PMIs and retail sales beating forecasts, but rising government debt costs and domestic political concerns kept a lid on gains. The BoE will hold rates this week, but the MPC voting split will be closely watched for signals on how the committee is weighing inflation risks. We’re also watching the Fed meeting for whether Powell entertains the rate hike narrative going forward.
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EUR/USD steadies as weak PMIs temper rate hike expectations
EUR/USD edged higher early this week on reports of a fresh Iranian proposal to the US. Weaker-than-expected eurozone PMIs last week provided some downside and added to growing scepticism around the two ECB hikes still priced for this year. This week Lagarde is expected to stress that the ECB is not on a predetermined rate path, leaving the dollar as the more decisive driver. Mega-cap earnings and Core PCE data will shape risk appetite.
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Sterling grinds higher against euro as political risk intensifies
GBP/EUR pushed higher last week, supported by stronger UK data and the ongoing tension between hawkish market pricing and Bailey’s pushback. The MPC voting split and Lagarde’s rhetoric are the key watchpoints from this week’s meetings. But with sterling’s rate advantage looking increasingly priced in and local elections looming, further gains from here may be limited.
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Looking forward
Key dates for your calendar.
- Monday: German consumer confidence. China reports industrial profits.
- Tuesday: BoJ interest rate decision. US consumer confidence.
- Wednesday: Euro inflation rate and consumer confidence. US housing and building data. BoC and US Fed interest rate decisions.
- Thursday: China manufacturing PMI. Japan consumer confidence. Eurozone GDP growth rate and unemployment. BoE and ECB interest rate decisions. US core PCE Price Index, consumer data, and GDP.
- Friday: UK and US manufacturing PMI. Japan reports CPI. Some financial markets closed for public holiday.
What we’re talking to our clients about
IFX Payments is service led. Here are some of the conversations we’re having:
- UK and EU interest rate decisions
- US – Iran status
- UK PM Keir Starmer’s battle to stay in power
The contents of this article do not constitute financial advice and are provided for general information purposes only. While the content is based on information believed to be accurate at the time of publication, no guarantee is provided.