Good afternoon,

GBP is on the move again with GBPEUR stamping 1.1316 earlier this morning.

GBPUSD rallied to 1.3759 adding further pressure to an already weak dollar.

There are several pieces of high impact news out today, all focusing on dollar.

At 13:30 durable goods orders from December will be released, alongside nondefense capital goods orders. The market is expecting a drop of 0.1% which aligns with the general market sentiment on uncertainty and increasing job losses.

At 19:00 the Fed will release their monetary policy statement alongside their interest rate decision. As mentioned in previous updates, the language around accommodation will be a key focus and pivotal to driving dollar sentiment for the next few weeks.

In other news, the White House has confirmed it will start regular Covid-19 briefings, aiming for three updates a week. This will provide a unique avenue for the dollar to both rally and weaken on specific Covid news.

The UK is expected to confirm a returnees hotel quarantine system, like Australia, today for up to 30 high risk countries.

Have a great day.

Alistair Hutson, Senior Relationship Manager.

Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.

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