Pound Edges Higher as Markets Await BoE and RBNZ Signals

Written by

Anthony Bull

Tuesday, May 6, 2025

Daily Currency Update

The US Dollar traded mixed in early Tuesday moves as traders prepared for a full day of data releases and speeches across Europe, the UK, Canada and New Zealand.

Today’s Currency Shifts

By mid-morning, both the Euro and Pound gained modestly.

EUR/USD rose by 0.20% to 1.1336
GBP/USD climbed 0.22% to 1.3324

The New Zealand Dollar was the strongest performer in the session, up 0.32%.
Conversely, the Japanese Yen fell sharply, with USD/JPY dropping 0.50%.

What’s Driving the Market Today

Eurozone Data and ECB Remarks

This morning’s Eurozone PMI reading came in at 50.4, slightly above expectations.
However, the Producer Price Index (PPI) figures remain pending and may drive further Euro movement.

UK Outlook

The Pound rose slightly ahead of BoE policymaker Breeden’s speech at 13:00 UK time.
Markets are watching for any mention of labour market weakness or May rate decisions.

North American Focus

This afternoon’s focus shifts to Canada with the release of the Ivey PMI, which previously stood at 55.6.
Any surprise here may push USD/CAD beyond current flat levels.

Asia-Pacific Spotlight

Tonight, New Zealand will release a batch of labour market data, including:

Employment Change (Q1)
Unemployment Rate (Q1)
Labour Cost Index (QoQ)

Currency Watch – Key Moves Today

Pair	Price	Daily Change
EUR/USD	1.1336	▲ 0.20%
GBP/USD	1.3324	▲ 0.22%
AUD/USD	0.6456	▼ 0.19%
NZD/USD	0.5984	▲ 0.32%
USD/JPY	142.97	▼ 0.50%
USD/CAD	1.3816	▼ 0.06%

Looking Ahead

Data continues to dominate the trading day, especially as inflation and labour figures influence central bank decisions.
Investors will watch today’s BoE, ECB, and RBNZ commentary closely.

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