Good morning,
The pound has started the week on the front foot against the euro, where we are into the fourth consecutive day of positive gains. Currently just about 1.1720 at the time of writing, the euro has suffered post ECB meeting last week where the central bank failed to provide enough support for the single currency to kick on and capitalise on gains made at the start of the week. On Friday GBP-EUR extended to make a near monthly high of 1.1736.
Against the dollar however, the week has not started as positively.
Through today the economic calendar is extremely light on the ground. With nothing to get prices moving too drastically from that front the market will guide with sentiment and any snap news headlines to be released. Tomorrow sees unemployment data released for the UK at 7AM BST. Following the Covid pandemic this figure has been closely monitored for even the slightest of changes. The government’s pledge when the pandemic hit UK shores was to do all they could to protect jobs, with the introduction of the furlough scheme being one of the cornerstone campaigns throughout 2020 and into 2021. With the furlough scheme coming to an end, following the end of social distancing restrictions being eradicated, this release will be the last to be supported with funding.
Heading into the remainder of the week there will be multiple releases across the board, which may hopefully give a bit of an injection into the markets.
Have a great day.
Jack Nicholls, Senior Relationship Manager.
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References
https://www.fxstreet.com/economic-calendar