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GBP Down, CAD Up; EU Retail Sales

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Rates as of 0500 GMT

Market Recap

Only small changes in FX rates Friday this morning.

GBP continued what seems like its inexorable decline, the fifth day out of six that its been lower when I opened my spreadsheet in the morning. Nothing new here that I can discern just people trimming their long positions, which havent made any money since they peaked.

The UK will lift some of its restrictions today. Thats likely to give the economy a boost as households spend some of the money theyve accumulated while cloistered in their homes. UK retail sales have lagged behind other countries, indicating that theres probably a lot of pentup demand for goods and pints waiting to explode once people are allowed to. Nonetheless it will take some time before any additional spending shows up in the statistics.

In the FX market theres no discernable riskon mood, nor riskoff for that matter AUD was the 2 loser and JPY the 3 normally these two would be going in opposite directions.

AUD declined but CAD was the bestperforming currency despite a fall in oil prices. Fridays Canadian employment data far exceeded expectations, with 3x as many new jobs created as expected 303.1k vs 100.0k expected and the unemployment rate plunging to 7.5 from 8.2 8.0 expected. Februarys employment number was also a big surprise it was forecast to be 75k, it turned out to be 259.2k.

The report showed that while restrictions have been imposed in a number of places in Canada recently, the Canadian…

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