Whilst the beginning of the week saw some serious advancements for the pound against both the dollar and the euro, any GBP sellers will be left disappointed as yesterday brought with it a near 1% drop in both the GBPEUR and GBPUSD rate.
Sterling continues to struggle against the US dollar off the back of some mixed UK economic data including GDP coming in better than expected, further fears regarding the spread of the Covid-19 Delta variant and pressure on the US’s Federal Reserve to reign in their monetary support. Current GBPUSD trading levels are at 1.38 at time of writing.
Meanwhile, the EURUSD rate has seen some slight regains following last weeks losses, currently trading at 1.1751 at time of writing, although market sentiment remains hesitant. This is mainly off the back of concerns from the European Central Bank about subsequent waves of the Delta variant of coronavirus which is currently plaguing the continent.
Have a good weekend.
Holly Tobia-Parkyn, Senior Relationship Manager.
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