The pound came tumbling back after hitting fresh 13-month highs against the EUR yesterday where it breached the 1.1800 level. Initially buoyed by the confirmation by Boris Johnson on Monday that the UK’s easing of restrictions will continue on the timelines planned, it fell steadily throughout Tuesday, losing over a cent against the EURO and US Dollar. The EU releases an unemployment reading which held at 8.3% which matched its previous reading but the Sentix Investor Confidence reading was significantly better than expected which will have helped the EUR regain its ground against the Pound.
Today we have services PMI releases from across the EU and UK. Seeing readings above 50, showing expansion, will be key for the currency of each while the major drivers for the USD will be later in the day with a speech given by President Biden which will surely touch on further plans for the US vaccination roll out as they have been steadily ramping up capacity and the FOMC minutes that will be released and give further guidance on the US monetary policy.
As we open this morning the currency pairs currently sit at 1.1620 for the GBPEUR, 1.3800 for GBPUSD and EURUSD is holding its range at 1.1875.
Have a great day.
Chris Allan, Senior Relationship Manager.
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