In the past 24 hours GBPUSD has fallen from 1.3442 to 1.3288, before lurching back to 1.34 representing a combined move of just over 2%.
EURUSD has posted another yearly high of 1.2140, posting an impressive gain of 1.72% since the beginning of this month.
As the euro continues to press the dollar, GBPEUR fell to 1.10 before finding some support, but it still represents a price drop of 2.39% over the last 7 days.
Despite the overwhelmingly positive news that vaccines are on the horizon, the price of gold has rallied nearly 4% over the last 3 days, suggesting there is still plenty of uncertainty to be managed as the dollar falls out of favour.
This morning the pound has been the strongest currency with an average of 0.25% gains across the board. Large quantities of pizza were seen being delivered late last night in Westminster and speculation grows today that a deal is getting closer. Reuters confirmed that EU diplomats were hopeful of a deal coming together today or tomorrow as both sets of negotiators were ready to take stock of progress.
These headlines will continue to dictate the volatility in GBP over any economic data, and as always, it remains an extremely uncertain situation.
Have a great day.
Author: Alistair Hutson, Senior Relationship Manager.
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