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April 20, 2026Cross-Border
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UK: Weekly FX Market Update 20 April

Corpay

GBP

  • Throughout the week, Sterling strengthened against a softening US Dollar as ceasefire talks continued between the US & Iran.

  • UK GDP showed surprising strength, but the market doesn’t appear to believe the positive story.

  • At the end of the week, the Mandelson affair raises its head again to put PM Starmer and the Pound under pressure.

  • Starmer speaks on Monday, with Civil Servant Robbins speaking on Tuesday.

EUR

  • As investors last week considered that the Iran war was possibly coming to an end, so EURUSD scampered higher by around 1.0%.

  • ECB President Lagarde spoke about being ‘completely agile’ regarding interest rates, with a possible rate hike being pushed back from April to June.

  • This week, forward-looking PMI data released on Thursday could be directional; however, Iran headlines may dominate again.

USD

  • The US pushes for a lasting ceasefire agreement with Iran, with the current ceasefire ending on Tuesday night. However, Iran may not even attend the proposed peace talks after the seizure of a cargo ship.

  • Fed Chair designate Warsh speaks to the Senate on Tuesday, April 21st. Will he outline his view on monetary policy?

  • Meanwhile, FOMC Miran talks about the neutral rate for US interest rates being 0.5%, 3% lower than current levels. Are we set for a period of dovishness from the Fed?

Mon Apr 20

13:30 CAD CPI

Tue Apr 21

07:00 GBP Claimant Count Change/Average Earnings/Unemployment Rate

10:00 EUR German ZEW Economic Sentiment

13:30 USD Retail Sales

15:00 USD Fed Designate Warsh Testifies

Wed Apr 22

00:01 USD US Iran ceasefire ends

07:00 GBP CPI

09:05 GBP MPC Breeden Speaks

15:00 EUR Consumer Confidence

18:30 ECB President Lagarde Speaks

Thu Apr 23

07:00 GBP Public Sector Net Borrowing

08:30 EUR German Flash Manufacturing/Services PMI

09:30 GBP Flash Manufacturing/Services PMI

13:30 USD Unemployment Claims

14:45 USD Flash Manufacturing/Services PMI

Fri Apr 24

07:00 GBP Retail Sales

09:00 CHF SNB Schlegel Speaks

09:00 EUR German IFO Business Climate

13:30 CAD Retail Sales

15:00 USD Revised UoM Consumer Sentiment/Inflation Expectations

About the author

Trevor Charsley

Trevor Charsley

Senior Market Strategist

Trevor has over 25 years' trading and sales experience. He produces regular market and technical analysis as well as help with the structure and management of FX hedging policies. Trevor is often listed among the top "currency forecaster on Bloomberg".