Main exchange rates little changed

The main exchanges rates are little changed, trading in narrow ranges. The euro is a touch firmer against the dollar at  just over $1.23, but is a little softer against sterling at 87p. Sterling has strengthened slightly against the dollar to trade at circa $1.4150

Bond yields are edging higher as equity markets chalk up some modest gains. Both European and US stocks closed in positive territory yesterday, while Asian equities have advanced overnight after China’s President said dialogue is the way to resolve trade disputes while again pledging to open up the country’s economy to trade and investment

ECB members yesterday played down the recent softness in some of the economic data for the Euro area, though they acknowledged the threat of a ‘trade war’ is a downside risk. They also reiterated that, with inflation still subdued, the ECB has to be gradual in adjusting its monetary policy stance

The British Retail Consortium reports a pick-up in the year-on-year growth in retail sales in March, to 1.4% from 0.6% in February

It’s quiet on the data front today with producer prices in the US the only release of note