Sterling has started the new week on the front foot against the US dollar and even broke through the 1.20 barrier against the euro during Asian trading hours. Despite being pegged back slightly against the euro during the European opening, weakness for the single currency has intensified recently due to the geopolitical tensions still surrounding Ukraine and any possible breakout of war.
Data for the week will be dominated by the US, with multiple releases especially towards the end of the week. Today, PMI data has released from the Eurozone with manufacturing data disappointing. Similar results are expected from the UK at 9:30AM GMT, if the reading shines a more positive light then GBP/EUR should make another run at 1.20, as the rate is creeping higher at the time of writing.
The pound is also gaining on news the Prime Minister is set to announce the final exit from Covid measures which the UK has lived with for nearly 2 years. Boris Johnson will be meeting the Cabinet this morning before being expected to make the announcement in the House of Commons.
It is worth noting, today is a public holiday in both the United States and Canada. This means no same day USD or CAD payments can be routed through the banking network.
Have a great day.
Author: Jack Nicholls, Senior Relationship Manager.
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