The pound has had a mixed morning so far, gaining against the weak euro but struggling to find ground against the stronger US dollar. The euro is currently struggling as increased Covid infections brings about the threat of new restrictions within the bloc, with Germany reportedly considering placing curfews onto the population to stop the increased infection rate. EUR/USD is currently sat at near 4-month lows, with the next leg lower eyeing the early 1.17’s. GBPEUR is also currently creeping towards the 1.17 mark, which has been a key level for some weeks now. Managing to break through but not hold on four days in the last month, buyers will be hoping for a sustained rally through the level.
With a very light data day ahead, prices will be guided by the overarching headlines of Covid policies with the bulk of the data releases towards the end of the week. On the horizon this week there is also the shorter working week across most of the Western world as countries observe Good Friday for Easter celebrations.
Finally, the blockage in the Suez Canal has been cleared nearly a week later, with an estimated £7bn worth of goods destined for the West held up per day due to the Ever Given ship being knocked off course last week.
Have a great day.
Jack Nicholls, Relationship Manager.
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