Sterling remains supported in the markets after Prime Minister Boris Johnson again reiterated that the plan remains to lift all restrictions within three months. Like many recent trading sessions, the European single currency struggled, particularly against the dollar which tumbled towards 1.17 recording its lowest level since November. The euro also fell to a 1 year low against the pound yesterday due to concerns relating to the inability to effectively deal with the coronavirus pandemic and a third wave of Covid infections.
The US dollar also saw some gains after yields raised ahead of President Biden’s speech due later today. Biden is expected to launch the next phase of his “Build Back Better” agenda, with a speech scheduled in Pittsburgh, Pennsylvania. The White House has said the president will use the speech to outline his proposals to improve the nation’s infrastructure systems, which Biden has promised will create jobs.
Have a great day.
William Jones, Senior Relationship Manager.
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